Consider the indifference curve map for nickels and quarters. Assume nickels are on the horizontal axis and quarters are on the vertical axis. The indifference curves for nickels and quarters are
a. straight lines with slope of -1/5.
b. straight lines with a slope of -1.
c. straight lines with a slope of -5.
d. L shaped.
a
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The income effect is the
A) increase in the interest rate caused by an increase in Real GDP.
B) increase in the interest rate due to a higher expected inflation rate.
C) decrease in the interest rate due to an increase in the supply of loanable funds.
D) change in national income brought about by a change in interest rates.
E) rate of change in national income brought about by a change in the supply of money.
The major impact unemployment insurance has on the U.S. economy is that it
A. incentivizes people to work. B. spreads the cost of unemployment. C. eliminates the social cost of job loss. D. prevents the emotional impact of job loss.
The study of how consumers and producers interact in individual markets is
a. macroeconomics b. labor economics c. microeconomics d. econometrics e. development economics
The marginal product of labor is defined as:
A. the additional output produced by the last ?L units of labor hired. B. the amount of output divided by the amount of capital used to produce the output. C. the amount of output produced multiplied by the last ?L units of labor hired. D. the amount of output divided by the number of workers employed.