Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, an increase in the price of shovels will result in
A) fewer shovels being purchased to produce the same number of trenches.
B) more workers being hired to produce the same number of trenches.
C) the firm wishing to produce more trenches.
D) no change in the firm's input mix.
D
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Laws that assign owners the rights to use assets as they see fit are called
A. human rights. B. economic rights. C. property rights. D. government rights.
All of the following are objectives of the Federal Reserve system, except
A. to furnish an elastic currency. B. to conduct monetary policy. C. to accept deposits from individuals. D. to serve as a lender of last resort to commercial banks and thrift institutions.
What is the term for a situation in which a person is overqualified for the job he or she has?
(A) Partial employment (B) Discouraged worker (C) Underemployment (D) Low-skilled work
The change in the consumption of one good that just offsets a one-unit change in the consumption of another good is the
A) marginal utility. B) marginal rate of consumption. C) marginal rate of substitution. D) marginal rate of satisfaction.