If the real wage rate is such that the quantity of labor supplied by workers is less than the quantity of labor demanded by firms
A) the economy is at full employment.
B) there is a shortage of labor.
C) the real wage rate will fall to restore equilibrium.
D) actual real GDP equals potential GDP because firms make the decision about how many workers to hire.
B
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When Homer has 5 doughnuts, his marginal value is 15¢ per doughnut. We can conclude that Homer
a. places a value of 3¢ on each doughnut he owns. b. needs to purchase more than 5 doughnuts to reach his optimum. c. receives 75¢ worth of total satisfaction from his 5 doughnuts. d. would refuse to pay more than 15¢ for a sixth doughnut.
If the production possibilities frontier for guns and butter is bowed outward from the origin, this indicates constant opportunity cost between the two goods.
Answer the following statement true (T) or false (F)
In terms of manpower needed to fight the Civil War, the South was disadvantaged by
a. a smaller total population of military-aged males than the North. b. limited support from free, white males in border states. c. a population that included over 1 million military-aged slaves who could not be used for direct combat. d. the fact that some of its manpower had to be used to repress the slave labor force. e. All of the above.
Which of the following is true about foreign aid provided by the United States?
a. During the last four decades, the U.S. has provided less than $400 million in aid b. Most U.S. aid has been coordinated by the Department of Defense c. The U.S. Agency for International Development emphasizes short-range plans d. The U.S. Agency for International Development concentrates primarily on health, education, and agriculture e. Foreign aid is large part of the U.S. federal budget