Kate is a florist. Kate can arrange 20 bouquets per day. She is considering hiring her husband William to work for her. William can arrange 18 bouquets per day. What would be the total daily output of Kate's firm if she hired her husband?
a. 18 bouquets
b. 19 bouquets
c. 20 bouquets
d. 38 bouquets
d
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The demand for the Franconian franc in the foreign exchange market equals 14,000 - 3,000e and the supply of francs in the foreign exchange market equals 2,000 + 2,000e, where e is the nominal exchange rate expressed in U.S. dollars per franc. If the franc is fixed at 3 U.S. dollars per franc, then to maintain this fixed rate Franconia's international reserves must:
A. decrease by 3,000 dollars per period B. decrease by 9,000 dollars per period C. increase by 3,000 dollars per period D. increase by 9,000 dollars per period
Refer to Figure 27-11. In the graph above, the shift from AD1 to AD2 represents the total change in aggregate demand. If government purchases increased by $50 billion, then the distance from point A to point B ________ $50 billion
A) may be greater than or less than B) would be less than C) would be greater than D) would be equal to
Which of the following best illustrates the application of the model-building process to economics?
a. A labor economist notices that unemployment tends to be higher among teenagers than more experienced workers, develops a model, and gathers data to test the hypotheses in the model. b. Two economists with differing political agendas argue about the best way to solve the Social Security problem on a Sunday morning talk show. c. Economists come to believe that some economic models are true simply because prominent leading economists say they are true. d. A Ph.D. student in economics develops a plausible mathematical model of an industry for his dissertation, but there is no data to test the model.
Which of the following is a question answered with normative economic reasoning?
A. If the college provided more financial aid assistance, would more students benefit? B. Should the college cut tuition to stimulate enrollment? C. If the college offers free parking for students, will more students drive to campus? D. If the college increased tuition, would class size decline?