Refer to Scenario 1. What is the marginal product of the third hour of labor?
A) 60
B) 80
C) 100
D) 240
A
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Suppose you purchase a new home for $75,000, making a down payment of 20% and taking out a mortgage on the balance
What is the return on your investment in your home if one year later the price of the home increases by 5%? What if the price of the home decreases by 5%?
The "dual mandate" refers to the:
A. twin responsibilities of the Federal Reserve, to use monetary policy to ensure price stability and maintain full employment. B. orders given to both the Federal Reserve and the Treasury department to ensure price stability. C. responsibility given to the Federal Reserve and the Congress to conduct monetary and fiscal policy respectively, to ensure price stability. D. role that the Fed has by being a governmental agency but also must act in the best interest of all citizens of the United States.
In the meetings of the Governing Council of the European Central Bank, formal votes are:
A. taken and released two years after the meetings. B. taken but not published for five years. C. taken and published immediately. D. not taken, since formal voting could get in the way of good policy.
Which of the following is an example of a normative economic statement?
A. Income tax rates should be lower because that will increase government revenue. B. Lower income tax rates yield a larger federal government deficit. C. The federal budget deficit has increased every year for the last twenty years. D. Lower income tax rates will generate greater income tax revenue to the government.