Fill in the blank: Rebecca goes to the hairdresser more often now that her salary has increased. For Rebecca, the hairdresser's service is probably ________
A) a normal good
B) an inferior good
C) a free good
D) a bad
A
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The payment of wages by a firm is an example of:
A) an explicit cost of production. B) an implicit cost of production. C) an irreversible cost of production. D) a long-run cost of production.
In an economy with a fixed exchange rate, when the market forces try to change the exchange rate, the government:
A. must buy or sell its currency using its own reserve to bring equilibrium in the market to where it has "fixed" it. B. declares it can't change, and holds it constant. C. often has to deal with an unhappy domestic population who are constantly dealing with shortages or surpluses of their currency. D. None of these statements is true.
Full marginal-cost pricing of water would lead to
a. More water use and higher water prices b. Less water use but no change in water prices c. Less water use and higher water prices d. Less water use and lower water prices e. More water use and lower water prices
Today, U.S. government spending on entitlements represents ________ of the total federal budget.
A. less than 5 percent B. nearly 60 percent C. nearly 100 percent D. about 10 percent