Which statement is true?
A. Currency accounts for about 75% of the U.S. money supply.
B. The use of money requires a double coincidence of wants.
C. M2 is over $8.5 trillion.
D. None of the statements are true.
C. M2 is over $8.5 trillion.
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Refer to Table 10-4. For steak and cheese sandwiches and grilled chicken sandwiches, the table contains the values of the marginal utility (MU) and marginal utility per dollar (MU/P) for Mabel Jarvis
Mabel has $14 to spend on steak and cheese sandwiches and grilled chicken sandwiches. Which of the following statements is true? A) To maximize her utility, Mabel will need a total of $36, the income needed to buy 6 steak and cheese sandwiches and 6 grilled chicken sandwiches. B) If Mabel maximizes her utility she will buy three steak and cheese sandwiches and two grilled chicken sandwiches. C) If Mabel was maximizing her utility when spending $14 and then received an additional $4, she would receive the most marginal utility per dollar if her next purchase was another grilled chicken sandwich. D) Mabel will first buy two steak and cheese sandwiches; then with her remaining $6 she will buy three grilled chicken sandwiches.
Paying a higher wage to attract and retain more productive workers is called:
a. wage discrimination. b. signaling. c. screening worker's skill set. d. paying efficiency wages.
The horizontal dotted line is
A. a price ceiling.
B. a price floor.
C. the price at which quantity supplied equals quantity demanded.
D. the equilibrium price for this graph.
Factors of production are the most likely to earn economic rent when they:
A. are used by many different firms. B. are fixed in the short run. C. cannot easily be duplicated. D. have high reservation prices.