During the Federal Bank Holiday ordered by President Roosevelt and the week that followed it,
a. new supplies of gold were distributed to the banks.
b. a national monetary commission was set up.
c. the banks were inspected.
d. actions were taken to take the US off the gold standard
e. Both c and d are correct.
e. Both c and d are correct.
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A product whose production requires a relatively high capital-labor ratio is
a. capital abundant b. capital intensive c. heavy industry d. high tech e. all of the above
Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day. Ethel can produce a maximum of eight pies or two cakes in a day. Ethel has an comparative advantage in the production of
A) cakes. B) pies. C) both cakes and pies. D) neither cakes nor pies.
At any particular quantity on the TC, its slope will be
A. the same as the slope of the TVC. B. greater than the slope of the ray out of the origin to that point on the TC. C. smaller than the slope at the quantity on the TVC. D. greater than the slope at the quantity on the TVC.
Minimum wage laws cause unemployment because the legal minimum wage is set
A) below the market wage, causing labor demand to be greater than labor supply. B) below the market wage, causing labor demand to be less than labor supply. C) above the market wage, causing labor demand to be greater than labor supply. D) above the market wage, causing labor demand to be less than labor supply.