In choosing between apartments in two different locations, the marginal commuting cost is given by:
A) the commuting cost from the apartment located closer to the destination.
B) the sum of the commuting cost from each apartment to the destination.
C) the commuting cost from the apartment located farther away from the destination.
D) the difference between the commuting cost from two different apartments to the destination.
D
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The fact that movie star Tom Cruise's salary is much higher than the salary earned by a Nobel prize winning economics professor can be explained by the
a. existence of noncompeting labor markets b. elimination of noncompeting labor markets c. failure of the market to reward talent fairly d. fact that wage rates cannot reflect the influence of education in labor markets e. willingness of some people to accept a lower wage rate in order to do what they like most to do
The effect on the monetary policy reaction curve resulting from policymakers decreasing their inflation target would be:
A. the monetary policy reaction curve shifting to the right. B. the monetary policy reaction curve shifting to the left. C. a movement up the existing monetary policy reaction curve. D. a movement down the existing monetary policy reaction curve.
A monopolist produces at the minimum point of the average total cost curve in the long run
a. True b. False Indicate whether the statement is true or false
If the Fed conducts open market purchases, we should expect to see the money supply
a. decrease, the interest rate increase, autonomous consumption decrease, business investment decrease, and real GDP decrease b. increase, the interest rate decrease, autonomous consumption decrease, business investment decrease, and real GDP decrease c. increase, the interest rate decrease, autonomous consumption increase, business investment increase, and real GDP increase d. decrease, the interest rate decrease, autonomous consumption increase, business investment increase, and real GDP decrease e. decrease, the interest rate increase, autonomous consumption increase, business investment increase, and real GDP increase