Suppose you were to hear a politician defend the minimum wage on the grounds that workers would be happier and more productive with a higher minimum wage, you would know this person to be relying on the ________ argument.
A. elasticity
B. macroeconomic
C. consumer and producer surplus
D. work effort
Answer: D
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When cash or coins are deposited in a transactions account at a bank, the size of M1 changes.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A. When explanatory variables are not strictly exogenous, the t test for serial correlation is valid. B. When explanatory variables are not strictly exogenous, the Durbin Watson test for serial correlation is valid. C. Breusch-Godfrey test can be used to check for second order serial correlation. D. White test can be used to check for second order serial correlation.
If two nations have straight-line production possibilities curves:
A. then their trading possibilities curves must lie inside the production possibilities curves. B. there will be no basis for mutually advantageous trade. C. there will be a basis for mutually advantageous trade whether the slopes are equal or not. D. there will be a basis for mutually advantageous trade provided the slopes differ.
A market with three firms in competition with each other has a equilibrium price of $5 and equilibrium quantity of 10,000. If the three firms form a cartel, the cartel, set price will be ________ than $5 and the set quantity will be ________ than 10,000.
A) greater; less B) less; greater C) greater; greater D) less; less