Which of the following macroeconomic variables does not vary much over the seasons?
A. The unemployment rate
B. Average labor productivity
C. The nominal money stock
D. The real wage
Answer: D
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Suppose that Pat has the legal right to fly an extremely noisy airplane over Chris's apartment and that he values that right at $1,000 per year. Chris would be willing to pay $800 per year to avoid the noise. In this case,
a. Pat will be required to eliminate the overflight b. Chris will move to a new apartment c. Pat and Chris have a powerful incentive to eliminate the overflight because both would benefit from it d. some governmental agency will step in to require Pat to choose a different flight pattern e. there is no basis for an agreement to eliminate the overflight
The form of government debt that was created to allow more people to buy and hold government debt is the
a. Treasury bond b. Treasury bill c. Treasury note d. savings bond e. savings bill
Suppose that a toxic waste spill renders half of the land in New Jersey uninhabitable. Assuming that land and labor are complements in the production function, what would happen to the wages earned by workers and rents earned by landowners?
a. Both wages and rents would increase. b. Both wages and rents would decrease. c. Wages would increase, and rents would decrease. d. Wages would decrease, and rents would increase.
The demand schedule for a good shows:
A. the specific quantity of the good that people are willing and able to sell at different prices. B. the positive relationship between the price and the quantity of the good. C. no relationship between the price and the quantity of the good. D. the specific quantity of the good that people are willing and able to buy at different prices.