Sean Malloy made $360,000 in 2002, the base year. By 2006 he was earning $480,000. If the CPI rose 120 by 2006, how much were his real wages that year, and by what percentage had they changed?
What will be an ideal response?
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Adam Smith argued that each person in a competitive market is led to promote the
A) efficient use of society's resources, because each person's intention is to make society better off. B) efficient use of society's resources, even though it is no person's intention to make society better off. C) inefficient use of society's resources, even though each person's intention is to make society better off. D) inefficient use of society's resources, because it is no person's intention to make society better off.
Economists understand that using statistical discrimination
A. is never rational. B. means some individuals are discouraged from acquiring skills. C. is always illegal. D. All of the above
Which of the following is false?
a. The Fed controls the supply of money, even though privately owned commercial banks actually create and destroy money by making loans. b. With a 10% required reserve ratio, a $10,000 cash deposit in a bank would result in an increase in the bank's excess reserves by $1000. c. With a 10% required reserve ratio, a $1,000 bond purchase by the Fed directly creates $1,000 in money in the form of bank deposits, and indirectly permits up to $9,000 in additional money to be created through the multiple expansion in bank deposits. d. When the Fed sells government bonds, it will tend to cause a multiple contraction of bank deposits.
A person who works 25 hours per week: a. is considered to be a discouraged worker. b. is considered to be unemployed
c. is considered to part of the labor force. d. none of the above