The above table gives the total utility that Homer obtains from consuming various quantities of chocolate chip cookies. The marginal utility from the third pound of cookies is
A) 3.
B) 4.
C) 9.
D) 12.
A
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An effective minimum wage tends to create unemployment among unskilled workers because it
A) reduces the demand for their labor services. B) increases the supply of their labor services. C) reduces the marginal productivity of their labor services. D) reduces the quantity demanded for their labor services while increasing the quantity supplied of their labor services. E) generates all of the above.
Open market operations refer to the purchase or sale of ________ to control the money supply.
A) corporate bonds and stocks by the Federal Reserve B) U.S. Treasury securities by the Federal Reserve C) corporate bonds and stocks by the U.S. Treasury D) U.S. Treasury securities by the U.S. Treasury
To try to help farmers, governments I. set production quotas. II. set price ceilings
A) I and II B) only II C) only I D) neither I nor II
In which model does there not exist a tradeoff between higher inflation and lower unemployment?
a. monetarist b. real business cycle c. new classical d. classical e. a tradeoff exists in all of the above