Which decision cannot be made at the margin?
a. whether to spend the day on Saturday watching movies or going hiking
b. whether to spend your two-week vacation at the beach or in town
c. whether to order a pepperoni or a cheese pizza
d. whether to move from Boston to Chicago
Ans: b. whether to spend your two-week vacation at the beach or in town
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Consider the case of labor outsourcing and labor migration in tradeable goods markets with no barriers to trade.
A. In each country, labor outsourcing will result in the same wage changes as labor migration. B. In each country, labor outsourcing will result in the same employment level changes as labor migration. C. In each country, labor outsourcing will result in the same change in the demand for local public schools as labor migration. D. Both (a) and (b) E. Both (b) and (c) F. Both (a) and (c) G. All of the above. H. None of the above.
Which of the following statements about the price elasticity of demand along a downward-sloping linear demand curve is true?
A) It is elastic at high prices and inelastic at low prices. B) It is inelastic at high prices and elastic at low prices. C) It is perfectly elastic at very high prices and perfectly inelastic at very low prices. D) It is unit elastic throughout the demand curve.
In the long run, an economy's production of goods and services depends on its supply of a. labor, natural resources, capital, and available technology. b. labor, natural resources, and capital only
c. labor, and natural resources only. d. labor only.
To achieve its target when the federal funds rate is below the target range, the Fed could:
A. reduce the reserve requirement. B. buy bonds. C. increase the reserve requirement. D. cut the discount rate.