If the consumer's budget constraint is given by 10F + 5S = 100 where F is food and S is shelter, how much food can he buy if he purchases 2 units of shelter?
A. 20
B. 9
C. 5
D. 10
Answer: B
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Consider this quote from an article in the Wall Street Journal: "The stock of educated workers isn't increasing fast enough to keep up with rising demand
Employers are paying the typical four-year college graduate [without graduate school] 75% more than they pay high-school grads. Twenty-five years ago, they were paying 40% more. Employers insist on ever better-educated, skilled workers. " Source: David Wessel, "Lack of Well-Educated Workers Has Lots of Roots, No Quick Fix," Wall Street Journal, April 19, 2007, A) The demand for high-school educated workers shifted to the left faster than the supply of college educated workers shifted to the right. B) The supply of high-school educated workers shifted to the right faster than the demand for college educated workers shifted to the right. C) The demand for college educated workers shifted to the right faster than the supply of college educated workers shifted to the right. D) The demand for college educated workers shifted to the right while the supply of college educated workers shifted to the left.
Vault cash is part of a commercial bank's
A) demand deposits. B) capital. C) reserves. D) liabilities.
John has an economics test tomorrow. He must study and has planned the rest of his day so that he can fit some study time in. He has decided to go to the gym and then study for several hours. Which of the following statements is TRUE?
A) John did not use the economic way of thinking because his decision on how to allocate his time did not involve money. B) John's decision on how to allocate his time is inconsistent with the rationality assumption since he has decided to go to the gym. C) John's decision on how to allocate his time is consistent with the rationality assumption since the decision is intended to make him better off. D) John's decision does not involve his pursuit of self-interest.
Physical capital differs from raw materials in the sense that raw materials
a. have a longer useful life in production b. are considered human capital c. cannot be used to produce goods and services d. are used up in production e. are not a resource used in production