When Ethan continues his education beyond high school, he is increasing his
A) human capital.
B) capital.
C) wage rate.
D) rent.
E) quantity of labor.
A
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When the Fed lowers the required reserve ratio, the banks' excess reserves ________ and the money supply ________.
A. increase; increases B. decrease; decreases C. remain constant; decreases D. increase; remains constant
The situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction is known as adverse selection
Indicate whether the statement is true or false
A firm in a perfectly competitive market
a. can raise the price to sell more but by selling more will end up earning less economic profit than it had earned before the price increase b. can cut the price to sell more but by selling more will end up earning less economic profit than it had earned before the price cut c. can increase its supply to lower the price and thereby raise its economic profit d. can decrease its supply to raise the price and thereby raise its economic profit e. is a price taker, that is, accepts the market price for its good as given
Three workers run a house painting business and always work the same number of hours together. The paint they use requires applying two coats. Each worker paints 200 square feet per hour using a roller or 80 square feet per hour using a brush. If a technological advance provides a paint that only requires one coat, their average labor productivity per hour as a team:
A. increases. B. remains the same. C. may either increase or decrease. D. decreases.