An economic slow-down predicts the new equilibrium wage would be:
A. lower because the labor demand curve shifts left.
B. higher because the labor demand curve shifts left.
C. lower because the labor demand curve shifts right.
D. higher because the labor demand curve shifts right.
A. lower because the labor demand curve shifts left.
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If there is an excess demand for money, individuals ________ bonds, causing interest rates to ________
A) sell; rise B) sell; fall C) buy; rise D) buy; fall
Part of the reason that people confuse money and income is because
A. money is tangible, but income is intangible. B. money serves as the unit of account. C. money is abstract, but income is concrete. D. income is almost impossible to measure.
The components of consumption expenditure, investment expenditure, government spending, and spending on net exports (exports minus imports) make up _____________________.
a. aggregate demand b. aggregate supply c. economic demand d. economic supply
The opportunity cost of going to college is
a. the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses. b. the value of the best opportunity a student gives up to attend college. c. zero for students who are fortunate enough to have all of their college expenses paid by someone else. d. zero, since a college education will allow a student to earn a larger income after graduation.