Mark is an 86-year-old watchmaker who works ten hours a week to supplement his retirement income. In determining the U.S. unemployment rate, Mark would be considered
a. employed
b. unemployed
c. an involuntary part-time worker
d. not in the labor force
e. a discouraged worker
A
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Over the previous year, 2,000 boxes of antihistamine tablets were sold at a price of $20 per box, and during the current year, 2,500 boxes of tablets were sold at $25 a box. The most likely interpretation of these data is that the
A. supply and demand curves are shifting to the right. B. supply and demand curves are shifting to the left. C. the supply curve has shifted to the left, with no change in demand. D. the demand curve has shifted to the right, with no change in supply.
Which of the following is not a reason for the downward slope of the aggregate demand curve?
a. Real balances effect b. Interest-rate effect c. Net exports effect d. Government spending effect
When the inflation rate rises, the purchasing power of nominal income:
a. remains unchanged. b. decreases. c. increases. d. changes by the inflation rate minus one.
Betty spends all her income on wine and brie. Currently she gets 30 utils from the last bottle of wine and 15 utils from the last package of brie. The price of wine is $6 per bottle and the price of brie is $4 per package. a. Betty cannot increase her total utility by changing the combination of wine and brie she consumes. b. Betty can increase her total utility by buying more wine and less
brie. c. Betty can increase her total utility by buying more brie and less wine. d. Betty could increase her total utility by buying less of both brie and wine.