Related to the Economics in Practice on page 4: According to the Economics in Practice, in terms of wages and job availability, those students graduating during a recession with a degree in economics are ________ those graduating with a degree in sociology.
A. affected equally to
B. better off than
C. worse off than
D. There seems to be no correlation between a student's major and wages or employment during a recession.
Answer: B
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In economics we learn that
A) tradeoffs allow us to have more of everything we value. B) tradeoffs allow us to avoid the problem of opportunity cost. C) opportunity costs are all of the possible alternatives given up when we make a choice. D) None of the above answers is correct.
Automatic stabilizers "lean against the prevailing wind" of the business cycle because:
A. wages are controlled by the minimum wage law. B. federal expenditures and tax revenues change as the level of real GDP changes. C. the spending and tax multipliers are constant. D. they include the power of special interests.
Assume that the central bank increases the reserve requirement. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and the nominal value of the domestic currency in the context of the Three-Sector-Model?
a. The real risk-free interest rate rises, and nominal value of the domestic currency falls. b. The real risk-free interest rate falls, and nominal value of the domestic currency falls. c. The real risk-free interest rate rises, and nominal value of the domestic currency remains the same. d. The real risk-free interest rate rises, and nominal value of the domestic currency rises. e. There is not enough information to determine what happens to these two macroeconomic variables.
Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. If the price of a beer is $4, the price of a dozen oysters is $12, and Tyler has $28 of income, Tyler's utility-maximizing combination of beers and oysters per day is
A. 3 beers and 1.5 dozen oysters. B. 1 beer and 2 dozen oysters. C. 4 beers and 1 dozen oysters. D. indeterminate from this information.