Which of the following is not a limitation a person faces when shopping for clothes?
a. The amount of time available to shop
b. The person's budget
c. The various styles that are available
d. The selection of stores
e. The freedom to make rational choices
e
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Figure 17.1 depicts a firm's marginal revenue product curve. If the prevailing hourly wage increases:
A. the marginal revenue product curve shifts upward. B. the marginal revenue product curve shifts downward. C. the marginal revenue product curve does not shift, but there is a movement upward along the curve. D. the marginal revenue product curve does not shift, but there is a movement downward along the curve.
In the United States, globalization has caused workers in the education, health care, and government sectors to face:
A. higher prices on consumer goods. B. longer hours to compete with the higher production levels abroad. C. little or no downward pressure on their wages. D. lower wages.
Which of the following contains most of the characteristics of a public good?
A. vaccinations B. a public park C. a civil defense system D. metal recycling
In the United States decisions to increase interest rates are made by the ________ and decisions to increase taxes are made by ________.
A. Congress; the Federal Reserved. B. the Federal Reserve; Congress C. Congress; Congress D. the Federal Reserve; the Federal Reserve