In macroeconomics, the long run refers to:
A. one year.
B. two years.
C. ten years.
D. None of these is true.
D. None of these is true.
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Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 40 units of clothing but no food. Suppose each has the utility function U = F ? C. The price of clothing is always $1
What is the competitive equilibrium price for food? A) $5 B) $4 C) $3 D) $2
Work is an attractive use of your time
a. if the utility of consumption made possible by work exceeds the disutility of work itself b. whenever you are paid a wage equal to or greater than the minimum wage c. whenever you derive utility from the consumption made possible through work d. unless time spent working is a source of disutility e. only when marginal utility is negative for an additional unit of leisure
Suppose that everyone prefers to live in a society without poverty. Further suppose that some private charities are successful in reducing poverty. People who do not contribute to the charities
a. receive no external benefit from private antipoverty programs. b. decrease the reliance of individuals on antipoverty programs. c. can free ride on the generosity of others. d. are most likely to be in favor of government-sponsored programs.
Refer to Table 9-5. If the required reserve ratio is 10% and the market interest rate is 8%, what is Bolton Bank's opportunity cost of holding the excess reserves it is currently holding?
A) $5.6 million B) $3.2 million C) $0.8 million D) 0; Bolton Bank has no excess reserves.