In the following equation, what does the symbol ? denote?
AE ? C + I + G + (X – M)
a. The equation is an estimate.
b. The equation is absolute.
c. The equation is just a suggestion.
d. The equation is just a definition.
d. The equation is just a definition.
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Downward wage rigidity arises when:
A) workers expect wages to increase due to economic expansion. B) workers and firms resist to wage cuts. C) firms resist increasing wages. D) quantity of labor demanded exceeds the quantity of labor supplied.
One way to solve the problems caused by information asymmetry is:
A. screening. B. signaling. C. building a reputation. D. All of these are solutions to information asymmetry.
The United States current account typically runs as a
A. deficit of about $1 billion. B. surplus of around $750 billion. C. surplus of about $1 billion. D. deficit of around $750 billion.
Justin has a part-time job and earns $50 per week. He spends his entire income on two goods: Hamburgers (which cost $2 each) and movie rentals (which cost $3 each). Draw Justin's budget constraint
Suppose that Justin decides to purchase 10 hamburgers and rent 10 movies this week. Is this choice within Justin's opportunity set? Show this choice on your graph.