There is greater support for active policymaking when
A) price flexibility is common. B) wage flexibility is common.
C) pure competition is widespread. D) none of the above.
D
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Morgan graduates from college and gets a job paying $50,000 a year. While in school, she consumed 4 pounds of chicken and 1 pound of shrimp a month. After she starts work, she consumes 2 pounds of chicken and 3 pounds of shrimp a month
If everything else is held constant, we know that A) chicken and shrimp are normal goods for Morgan. B) chicken is an inferior good and shrimp is a normal good for Morgan. C) chicken is an inferior good for Morgan. D) shrimp is a normal good for Morgan.
A labor contract provides for a first-year wage of $10 per hour, and specifies that the real wage will rise by 3 percent in the second year of the contract. The CPI is 1.00 in the first year and 1.07 in the second year. What dollar wage must be paid in the second year?
A. $11.02 B. $10.70 C. $10.90 D. $10.30
When you purchase the lower-priced store brand bread instead of the more expensive name brand, you are experiencing
A) the substitution effect. B) the income effect. C) a fall in total utility. D) diminishing marginal product.
A game in which each player has a dominant strategy of defecting, and each ends up worse off than if they had both cooperated, is called a ________ game
Fill in the blank(s) with correct word