Related to the Economics in Practice on p. 466: Under the Save More Tomorrow retirement plans, employees can pre-commit to save more
A. at the beginning of each fiscal year.
B. when income tax rates increase.
C. whenever they get a pay raise.
D. when the opt out of the social security system.
Answer: C
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The New York Times reported in November 2008 that 240,000 additional people lost their jobs which increased the unemployment rate to 6.5 percent
In addition, it was noted that a large number of college graduates were "taking jobs that do not require a college degree." It was also expected that "teens will be thrown out of the labor market....causing youths to miss experience" that could help them prepare for higher-skilled jobs. The article reflects the idea that unemployment is a problem because it results in A) a loss of human capital. B) fewer discouraged workers. C) a loss of income. D) a decrease in the labor force.
Which of the following economists did not help to develop game theory analysis?
A) John Nash B) Adam Smith C) Oskar Morgenstern D) John von Neumann
Which of the following is true of units of utility?
a. Each unit is worth $1. b. They cannot be compared across consumers. c. They apply to goods but not to services. d. They do not exist for very wealthy individuals. e. They are negative for inferior goods.
Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. What is the marginal cost of the 19th sweater?
A) $40.00 B) $20.00 C) $10.00 D) $8.00