In the United States, globalization has caused the demand for unskilled labor to ________ and the demand for skilled labor to ________
A) decrease; increase
B) decrease; decrease
C) increase; increase
D) increase; decrease
A
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Refer to Figure 5-8. Suppose the emissions reduction target is currently established at 8 million tons. Should society undertake to reduce an additional 1 million tons so that the total reduction is 9 million tons?
A) No, because there is a net cost represented by the area B + C. B) Yes, because toxic fumes are dangerous and must be eliminated at any cost. C) No, because the firms will pass the additional cost on to consumers. D) Yes, because the marginal benefit exceeds the marginal cost at 8 million tons.
If a corporate bond with face value of $1,000 has an interest rate of eight percent paid once a year for a term of 30 years, what is the size of the annual coupon payment?
A) $1,000 B) $300 C) $80 D) $8
In the simple deposit expansion model, a decline in checkable deposits of $500 when the required reserve ratio is equal to 20 percent implies that the Fed
A) sold $250 in government bonds. B) sold $100 in government bonds. C) sold $50 in government bonds. D) purchased $100 in government bonds.
Which of the following is NOT true about price floors?
A) Consumer surplus is always lower than it would be in the competitive equilibrium. B) Producer surplus could be lower, higher, or the same as it would be in competitive equilibrium. C) Producer surplus could be negative as the result of a price floor. D) Producers will often respond to a price floor by cutting production to the point at which price equals marginal cost. E) The total producer surplus depends on how producers respond to the price floor in determining their output level.