An individual should continue to spend time searching for a job as long as
a. all salary offers are below what the person expected.
b. the marginal benefit expected from additional search exceeds the marginal cost.
c. job openings are available in the individual's field.
d. information is available that the individual has not yet collected.
B
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One of the best defenses we have against malaria these days comes from a fern-like weed called wormwood. Fluctuating supply and demand have pushed the plant's price from $155 per kilo one year, to over $1000 the next
There is a push to set a price ceiling for the plant. Which of the following would NOT occur if there was a price ceiling set below the equilibrium price on wormwood? A) The wormwood market would be allocatively efficient because its price would not fluctuate. B) A wormwood shortage might occur. C) A black market for wormwood may be created. D) There would be an increase in inefficiency in the wormwood market.
Refer to the table at right. If the price of the product is? $1.50, and the marginal factor cost of an additional unit of an input is? $105, how many units of labor should be? hired?
A. 12
B. 11
C. 14
D. 13
Expansionary fiscal policy will most likely result in
A) a decrease in the money supply B) an increase in the marginal propensity to consume C) an increase in the nominal interest rates D) a decrease in the level of output E) a decrease in the price level
Economic bads are items
A. that individuals desire but which receive social disapproval. B. for which the produced quantity is less than the amount desired at a positive price. C. for which the desired quantity is less than what nature provides at a zero price. D. that receive social approval but which governments dislike.