Macroeconomists would be most likely to study which of the following?
A. Average annual earnings of lawyers
B. Average annual earnings of all employed workers in the United States
C. Average annual earnings of doctors
D. Average annual earnings of self-employed workers
Answer: B
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The marketing people at Ben and Jerry's Ice Cream Company believe that if they lower the price of their Cherry Garcia flavor ice cream by 25 percent, the quantity demanded will increase by 5 percent. If they are correct in their belief, then
A) the demand for Cherry Garcia is price elastic. B) their total revenue from Cherry Garcia will increase if they lower the price. C) the demand for Cherry Garcia is income elastic. D) their total revenue from Cherry Garcia will decrease if they lower the price.
Given a desired reserve ratio of 20 percent, a commercial bank that has received a new deposit of $100 can make additional loans of
A) $0. B) $20. C) $80. D) $120.
Based on the above table, what is the marginal product of the 6th worker hired at Jefferson's Cleaners?
A) 10 suits per day B) 11 suits per day C) 14 suits per day D) 84 suits per day
Giving poor people food instead of cash for food
A. is an in-kind transfer. B. will benefit some more than others, depending on their utility function. C. is politically popular. D. all of these answer options are correct.