Higher education is a ________ and assigned textbooks are ________.
A. want; wants
B. want; needs
C. need; wants
D. need; needs
Answer: A
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Firms hire more labor as long as
A) the real wage rate is greater than the additional output the labor produces. B) extra labor will produce more output. C) the real wage rate is less than the additional output the labor produces. D) the nominal wage rate exceeds the real wage rate. E) the nominal wage rate is less than the real wage rate.
We use the term expansionary fiscal policy when the overall effect of decisions about taxation and spending is to:
A. increase aggregate demand. B. decrease aggregate demand. C. increase aggregate supply. D. decrease aggregate supply.
Which of the following people would be considered frictionally unemployed?
a. The President of the United States b. An elementary school student c. A lifeguard unemployed during the winter d. A high school graduate entering the labor market for the first time e. A person laid off from his job
Which of the following events would cause a movement downward and to the left along the supply curve for mangos?
a. The number of sellers of mangos decreases. b. There is an advance in technology that reduces the cost of producing mangos. c. The price of mangos falls. d. The price of fertilizer increases, and fertilizer is an input in the production of mangos.