In the above figure, if the minimum wage is equal to ________, there would be ________ hours of labor employed
A) $8 per hour; 4,000
B) $8 per hour; 2,000
C) $6 per hour; 3,000
D) $4 per hour; 2,000
B
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If the reserve requirement on checkable deposits is .25, the ratio of currency held by the public to
demand deposits is .15, the ratio of time deposits to demand deposits is 3, the reserve requirement on time deposits is 0, and the ratio of excess reserves to demand deposits is 0, then the demand deposit multiplier is A) 5. B) 4. C) 3.33. D) 2.5.
When the social cost of production is greater than the private cost, we have a
a. positive externality b. negative externality c. public good d. private good e. positive spillover
The consumers' surplus derived from the last unit of a good purchased
a. tends to be less than 0 b. tends to be equal to 0 c. tends to equal the price of the good d. tends to be greater than the price of the good e. depends on the marginal utility of the first unit purchased
The recessionary GDP gap is
A. Reduced by shifting aggregate demand to the left. B. Equal to the spending multiplier. C. The amount by which equilibrium GDP falls short of full-employment GDP. D. Small unless the unemployment rate is very low.