A shift in a curve represents a change in:
A. the variable on the horizontal axis.
B. the variable on the vertical axis.
C. a third variable that is not on either axis.
D. any variable that is relevant to the relationship being graphed.
Answer: C
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The situation described in the book as "smart for one, dumb for all" occurs when:
A. individuals make better decisions when they are alone than when they are part of a group. B. individuals act rationally, so there are no unexploited opportunities for society as a whole. C. individuals make better decisions when they are part of a group than when they are alone. D. individuals act rationally, but there are still unexploited opportunities for society as a whole.
All of the following describe trends in the labor markets of the industrialized world EXCEPT:
A. growing wage inequality. B. substantial growth in real wages over the twentieth centaury C. low rates of unemployment in Western Europe. D. a slowdown in real wage growth since the 1970s.
Based on the data in the table above, when Decent Donuts hires eight workers, the
A) average product of labor is greater than the marginal product. B) marginal product of labor is greater than the average product. C) marginal product of labor is equal to the average product. D) marginal product of labor is not defined.
If the required reserve ratio is a uniform 25 percent on all deposits, the money multiplier will be:
A. 4.00. B. 2.50. C. 0.40. D. 0.25.