The narrowest definition of money:
A. is referred to as hard money.
B. includes the things that can be used in transactions immediately.
C. contains only cash and bank reserves held at the Fed.
D. All of these are true.
Answer: D
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Frank's Burgers employs workers in a competitive market. It currently has 15 employees. The marginal revenue product of the 15th worker hired is $8.50 per hour. The market equilibrium wage is $10 per hour
Is this firm maximizing profit? Explain.
The World Bank's main concern about the East Asian development model is that
a. it hasn't really worked b. it has relied too much on exports c. it hasn't had the support of labor unions d. it isn't easily replicated where government institutions are weak e. all of the above
If a Pigovian tax is not large enough, the resulting market quantity:
A. will be equal to the efficient quantity. B. will be more than the efficient quantity. C. will be less than the efficient quantity. D. will be where the social marginal cost equals the social marginal benefit.
Which of the following is not an automatic stabilizer?
a. the minimum wage b. the unemployment compensation system c. the federal income tax d. the welfare system