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If a job pays a wage of $50 per hour, but has a non-wage cost valued at $20 per hour, the net benefit of taking the job equals:
A) $2.5 per hour. B) $20 per hour. C) $30 per hour. D) $70 per hour.
Which of the following is not a permanent member of the FOMC?
A) The president of the New York Fed B) The president of the Philadelphia Fed C) The chairman of the board of governors D) All of the above are permanent members of the FOMC.
Currently there is a market demand for toothpaste with baking soda in it. New medical studies show that baking soda has health benefits beyond clean teeth. After these studies are published, the market demand is such that at any price, consumers buy 10 more tubes of toothpaste than they used to. This is a parallel, rightward shift of the demand curve. Which of the following statements is true?
a. Because the curves are parallel, the elasticities don't change. b. Despite the fact that the curves are parallel, elasticity has increased. c. Even though the curves are parallel, the new one is more inelastic. d. There is no relationship between the curves and their elasticities. e. Elasticities on the new demand curve have increased at low prices and decreased at high prices.
In 2007, the public debt was
a. roughly $500 million b. nearly $1 trillion c. nearly $3 trillion d. $9 trillion e. over $25 trillion