Consider the labor market for computer programmers. During the late 1990s, the value of the marginal product of all computer programmers increased dramatically. Holding all else equal, the equilibrium wage in the labor market for computer programmers
a. increased.
b. decreased.
c. did not change.
d. It is not possible to determine the equilibrium wage.
a
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Money as a medium of exchange refers only to
A) currency. B) gold coins. C) anything that is generally accepted as payment for goods and services. D) checks at commercial banks.
President Franklin D. Roosevelt's first action regarding the run on banks was to
(a) close all banks. (b) increase the money supply. (c) prohibit bank foreclosures. (d) provide federal guarantees to depositors.
In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve. B) a perfectly vertical labor supply curve. C) a perfectly elastic labor supply curve. D) none of the above.
Assume a bank has total deposits of $100,000 and $20,000 is set aside to meet reserve requirements of the Fed. Its required reserve ratio is:
a. $20,000 b. 20 percent. c. 0.2 percent. d. 1 percent.