Which of the following is most likely to generate a surplus?
A) a price floor
B) a price ceiling
C) an illegal market
D) all of these
A
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Joe is contemplating a job where, with probability 0.6, he will make $100,000 and with probability 0.4 he will make $30,000. What is Joe's expected income from taking the job?
A) $12,000 B) $60,000 C) $72,000 D) $90,000
The marginal productivity theory of income distribution states that
A) income distribution is determined by the marginal productivity of the factors of production that individuals own. B) as more and more units of labor are added to a fixed quantity of capital, eventually labor's contribution to a firm's income will decrease. C) factors of production in short supply command higher prices than those available in abundant quantities. D) capital owners receive the bulk of a nation's income because capital-intensive production generates productivity gains.
As the number of British pounds that exchange for a dollar rises on foreign currency markets: a. the British will have an incentive to import fewer U.S. goods
b. the British will find it easier to export goods to the United States. c. the British will find U.S. goods to be more expensive in their stores. d. all of the above will be true.
In the United States during the 1930s:
A. government spending and taxes both increased, resulting in zero net fiscal expansion. B. government spending and taxes both decreased, resulting in a net fiscal contraction. C. government spending increased and taxes decreased, resulting in a fiscal expansion. D. government spending decreased and taxes increased, resulting in a fiscal contraction.