Statistical studies in the United States have reached the conclusion that for most workers the response of labor supply to wage changes is
A. quite strong.
B. not very strong.
C. inverted.
D. always zero.
Answer: B
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The demand for dishwashers facing the AllClean Co. is given in the figure above. The firm manufactures dishwashers in two plants. MC1 and MC2 are the marginal cost curves for those two plants. How many dishwashers should the firm produce?
A. 40 B. 50 C. 70 D. 80 E. 100
If a 10% increase in price increases the quantity supplied by 15%, the price elasticity of supply is 0.67.
Answer the following statement true (T) or false (F)
Disposable personal income equals personal income
A) minus personal tax payments. B) plus government transfer payments. C) minus personal tax payments plus government transfer payments. D) minus government transfer payments plus personal tax payments.
Which of the following statements best describes the 12 Federal Reserve Banks?
A. They are privately owned and privately controlled central banks whose basic goal is to provide an ample and orderly market for U.S. Treasury securities. B. They are privately owned and publicly controlled central banks whose basic function is to minimize the risks in commercial banking in order to make it a reasonably profitable industry. C. They are privately owned and publicly controlled central banks whose basic goal is to control the money supply and interest rates in promoting the general economic welfare. D. They are privately owned and publicly controlled central banks whose basic goal is to earn profits for their owners.