By taking the long position on a futures contract of $100,000 at a price of 96 you are agreeing to ________ a ________ face value security for ________
A) sell; $100,000; $96,000.
B) sell; $96,000; $100,000.
C) buy; $100,000; $96,000.
D) buy; $96,000; $100,000.
C
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The production function is a relationship between the amount of labor employed and
A) the wage rate paid to the workers. B) the maximum quantity of real GDP that can be produced. C) the maximum quantity of nominal GDP that can be produced. D) the amount of labor workers supply. E) all other resources at different levels of employment.
Opportunity cost is illustrated in a production possibilities frontier (PPF) by a movement
A) from the region within the PPF to a point on the PPF. B) from the region within the PPF to the region outside of the PPF. C) from the region outside of the PPF to a point on the PPF. D) along the PPF where to gain more of one good it is necessary to give some of another good.
If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor and employers increasingly used efficiency wages, it would ___ structural unemployment and ____ the natural rate of unemployment: a. Increase; increase
b. Increase; not change. c. Not change, increase. d. Do none of the above.
Suppose that the quantity of hamburgers is measured along the vertical axis and that the number of bags of popcorn is measured along the horizontal axis. The budget constraint has a vertical intercept of 10 hamburgers, and the slope of the line is -1. If the price of popcorn doubles, we know that
A. the vertical axis of the budget line shifts to 5 hamburgers. B. the consumer will buy half as many bags of popcorn as before. C. the new equilibrium will have a marginal rate of substitution of -2. D. the new equilibrium will have a marginal rate of substitution of -0.5.