Reserves demanded varies
a. inversely with both prices and output.
b. inversely with prices and directly with output.
c. directly with prices and inversely with output.
d. directly with both prices and output.
d
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The more elastic the supply curve, the ____ will be the effect of a tax on the quantity exchanged and the ____ will be the welfare cost. a. greater; greater
b. greater; smaller. c. smaller; greater. d. smaller; smaller.
Parts of the unemployment rate which might increase when labor market conditions are better do include: a. Those who voluntarily quit existing jobs
b. Those who are newly entering the labor force. c. Those who are re-entering the labor force after leaving it earlier. d. All of the above.
Indy currently earns $50,000 in taxable income and pays $8,000 in taxes. Suppose that Indy faces a marginal tax rate of 25 percent and his boss offers him a raise of $2,000 per year. Indy should:
A. accept the raise because his after-tax income will rise by $1,500. B. reject the raise because his after-tax income will fall by $3,000. C. reject the raise because his after-tax income will fall by $4,500. D. reject the raise because his after-tax income will fall by $6,000.
A Nash Equilibrium in a game is that outcome in which:
A. each player is doing the best he or she can given the other player's action. B. the players' profits are equal. C. the players earn the highest profits possible. D. neither player plays his or her dominant strategy.