The study of how people work together to transform resources into goods and services to satisfy their most pressing wants is
a. sociology
b. economics
c. psychology
d. anthropology
e. management
B
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Luke was earning $60 per hour and working 40 hours per week. Luke's wage rose to $70 per hour, and as a result, he now works 50 hours per week
What can you conclude from this information about the substitution and income effects of a wage increase for Luke?
How is economic growth shown by the production possibilities curve?
A) by shifting the curve to the right B) by moving the curve to the left C) by moving up the existing curve D) by changing the shape of the curve from a straight line to one that is bowed
Consumer surplus is
A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.
What are the three motives for holding money?
A) the medium of exchange motive, the store of value motive, and the unit of account motive B) the transaction motive, the speculative motive, and the liquidity motive C) the transaction motive, the investment motive, and the liquidity motive D) the transaction motive, the speculative motive, and the precautionary motive