From 1979-2007, the share of market income for the bottom 99 percent of U.S. households decreased.
Answer the following statement true (T) or false (F)
True
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If MRP < MLC, the firm
a. is employing the optimal quantity of workers b. should decrease the quantity of labor it employs c. should lower the wage rate d. should increase the quantity of labor it employs e. should raise the wage rate
If a society gets more capital, its production possibility curve increases.
Answer the following statement true (T) or false (F)
If the CPI declines from one year to the next, then which one of the following statements is not true?
A. The CPI turns negative in the next year. B. There is deflation. C. The inflation rate is negative. D. The average price level is decreasing.
In the figure above, Sam originally selects his consumption bundle at point A with 3 pounds of olives and 4 pounds of pickles a year
Then the price of pickles rises and the price of olives falls so that his budget line rotates but it still goes through point A. Sam's consumption of olives A) definitely will rise. B) definitely will fall. C) definitely will stay the same. D) could rise, fall, or stay the same.