The first year of his catering business, Zander was busy both days every weekend working special events. The second year, he raised his rates and was able to take one Sunday off a month. Which of the following describes his labor supply curve?
a. U-shaped
b. upward sloping
c. downward sloping
d. backward bending
d. backward bending
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A small business owner has a line of credit from a bank with a nominal interest rate of seven percent
For several years, the price level has been rising at an annual rate of two percent, but the owner has just read in the newspaper that economists expect next year's inflation rate to be four percent or more. Assume that this owner may either continue the line of credit at seven percent, or renegotiate to alter both the size of the credit and the interest rate. What reason might there be for the owner to keep the credit terms as is? What argument might justify changing the credit agreement?
Discuss the costs associated with high inflation
Table 20-1 Total population 20,000 Working-age population 15,000 Employment 1,000 Unemployment 100 Consider the data above for a simple economy. Refer to Table 20-1. The unemployment rate for this simple economy equals
A) (100/1,000) × 100. B) (100/1,100) × 100. C) (100/15,000) × 100. D) (100/20,000) × 100.
Antitrust policies are a set of measures which are taken to liberate the economy from unnecessary governmental controls
a. True b. False Indicate whether the statement is true or false