In the above figure, Jill's opportunity cost of producing 1 gallon of soda is ________ of bottled water
A) 2 gallons
B) 1/4 of a gallon
C) 4 gallons
D) 1/2 of a gallon
E) 1 gallon
E
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Refer to Table 4-8. If a minimum wage of $9.50 an hour is mandated, what is the quantity of labor demanded?
A) 380,000 B) 370,000 C) 360,000 D) 10,000
Contractual inflexibility is most likely to slow price adjustment in the
A) money market. B) capital market. C) real estate market. D) labor market.
We assume flexible prices in the long run, but whenever it is costly to change prices (menu costs) or when there are long-term contracts for labor or capital:
a. short-run prices tend to be flexible. b. short-run prices tend to be sticky. c. long-run prices tend to be sticky. d. firms have to pay higher costs and therefore have to raise prices.
What is the motivation for individuals to hold money?
A. to reduce risk B. to have liquidity C. to facilitate transactions D. All of these