Our economy is always tending towards full employment according to
A. John Maynard Keynes.
B. the classical economists.
C. both Keynes and the classicals.
D. neither Keynes nor the classicals.
B. the classical economists.
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From the economic point of view, why will an avid downhill skier devote many hours to reading, comparing, and testing a new pair of ski boots but only a few hours to deciding who to vote for in the state senator race?
A) Ski boots are ultimately more important to society than state senators. B) He needs new ski boots; he does not need a new state senator. C) In his estimation, being highly informed about ski boots is a better use of his time compared to being highly informed about potential state senators. D) He is selfish.
In the figure above, if the minimum wage is $2 per hour, then
A) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours. B) the quantity of labor demanded is 4 million hours and the quantity of labor supplied is 2 million hours. C) unemployment is 1 million hours. D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
Suppose the monopolist only sold the goods separately. What prices will the monopolist charge for Good 1 to maximize revenues for good 1?
a. $4,500 b. $5,000 c. $1,500 d. $1,000
Explain the concept of “lender of last resort.” What is discount rate?
What will be an ideal response?