Olga owns her own business. Sven is an unpaid worker in his family's business. Who is included in the Bureau of Labor Statistics' "employed" category?
a. only Olga
b. only Sven
c. both Olga and Sven
d. neither Olga nor Sven
c
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A utility maximizing person has a utility function such that their marginal rate of substitution equals the amount of good Y they consume divided by the amount of good X that they consume (i.e. MRS = Y/X). If the prices of goods X and Y are the same, then the person will
a. consume more X than Y. b. consume more Y than X. c. consume equal amounts of X and Y. d. we must know the person’s income before coming to a conclusion.
Pat Robertson, a TV evangelist and former Republican Party candidate for president, once said that “debt is an affront to God,” so good Christians should not spend beyond their incomes. Indeed, Robertson wants Christians to save more. If more Americans, Christians as well as others, took his message seriously, how would we represent the result using a Keynesian macroeconomic model?
A. A downward movement along the consumption function B. An upward movement along the consumption function C. A downward shift of the consumption function D. An upward shift of the consumption function
Evaluate the following statement. "The nation of Berundi has an absolute disadvantage in the production of everything compared to the United States. Therefore, the United States will have no reason to trade with Berundi"
What will be an ideal response?
Refer to the graph shown. The welfare cost of monopoly is given by:
A. area A. B. area B. C. areas A and B. D. areas C and D.