In reality, there is not one labor market, but many
a. True
b. False
Indicate whether the statement is true or false
True
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The difference between savings and saving
A) is nonexistent. B) is that savings is measured in real terms while saving is measured in nominal terms. C) is that savings is a stock concept and saving is a flow concept. D) is that savings occurs when consumption does not and saving is used to purchase consumption goods.
Which of the following best illustrates the fallacy of composition?
a. If Jamal had more money, he could afford to buy more goods. b. If Aisha stood up at a basketball game, she could get a better view of the game; if everyone stood up at a basketball game, everyone could have a better view of the game. c. If the price of bread rose, consumers would buy less; if consumers bought less bread, the price of bread would rise. d. High housing prices cause people to buy less housing, but an increase in income might cause them to buy more housing.
Which statement is true?
A. The prime rate moves in the opposite direction from changes in the discount rate. B. The Fed raised the Federal funds target rate and the discount rate from 1989 to mid-1992 to counter the slowdown in the economy. C. The Federal funds target rate, the discount rate, and the prime rate generally rise and fall together. D. The discount rate is generally 2% above the prime rate.
Suppose at the current level of labor used, MRP = $20 and MFC = $25. To maximize profits, the firm should
A) hire more labor. B) reduce the level of labor. C) maintain the current level of labor. D) expand production.