According to the ________ explanation of unemployment, workers will be willing to accept wage cuts only if they know that workers in other firms and industries are receiving similar cuts.
A. minimum-wage
B. relative-wage
C. living-wage
D. nominal-wage
Answer: B
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In the single-polluter case, suppose a firm faces an emission charge implemented as a marginal tax (MT) of 12 and that its MAC = 0.8A. Based on this information, the firm
a. is better off paying the tax at abatement levels below 15 units b. should abate pollution for all abatement levels up to 15 units c. is better off paying the tax as long as the abatement level is 1.5 units or less d. none of the above
How are most fundamental economic decisions now determined in China?
A) The government decides because China is a centrally planned economy. B) Individuals, firms, and the government interact in a market to make these economic decisions. C) The United Nations decides because China is a developing economy. D) These decisions are made by the country's elders who have had much experience in answering these questions.
If the nominal interest rate is 3% and the inflation rate is 6%, the real interest rate is
a. 2% b. 3% c. -3% d. 9%
The market demand curve
a. and the individual demand curve are synonymous. b. is calculated by multiplying the number of consumers by the individual demand curve. c. shows how the total quantity demanded of some good changes as price changes, other things held constant. d. can be calculated even if individual demand curves are unknown.