Which of the following will NOT shift the MRP curve for labor?
A. a change in the demand for the product being produced
B. a change in the wage rate in the market
C.
| a change in the price of the product being sold |
D. a change in the productivity of labor
Answer: B
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Unemployment payments
a. rise during a recession and thus reduce the severity of the recession b. rise during a recession and thus increase the severity of the recession c. rise during inflationary episodes and thus reduce the severity of the inflation d. fall during inflationary episodes and thus increase the severity of the inflation e. fall during a recession and thus increase the severity of the recession
A village has five residents, each of whom has an accumulated savings of $50. Each villager can use the money to buy a government bond that pays 10 percent interest per year or to buy a year-old goat, send it onto the commons to graze, and sell it after one year. The price of the goat that the villager will get at the end of the year depends on the amount of weight it gains while grazing on the commons, which in turn depends on the number of goats sent onto the commons, as shown in the table below. Assume that if a villager is indifferent between buying a bond and buying a goat, the villager will buy a goat.Number of goatson the commonsPrice per 2-yearold goat ($)Income pergoat ($/year)180302752537020465155555 What will be the total village income if each villager decides how to invest
based on his or her individual self-interest? A. $5 B. $125 C. $25 D. $75
Imagine the U.S. economy is in long-run equilibrium. Then suppose the aggregate demand increases. We would expect that in the long-run the price level would
a. increase b. decrease. c. stay the same. d. decrease by the same amount as the increase in aggregate demand.
The present value of $1000 received 2 years from now given the current rate of interest
A. is less than the present value of $1000 received 1 year from now. B. is the same as $1000 received 3 years from today. C. is the same as $1000 received 1 year from today. D. is less than $1000 received 3 years from today.