The individual supply curve for labor is the relationship between the wage and the quantity of labor that:
A. all workers are willing to provide.
B. any given worker is willing to provide.
C. all firms are willing to employ.
D. any given firm is willing to employ.
Answer: B
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If you want to know the present value of $5,000 received in one year, and the interest rate is 2 percent, what formula can you use?
A) Present value equals 1.02 divided by $5,000. B) Present value equals $5,000 times 0.02. C) Present value equals $5,000 times 1.02. D) Present value equals $5,000 divided by 1.02
In practice
A) changes in national price levels often tell us relatively little about exchange rate movements. B) changes in national price levels raise the exchange rate. C) changes in national price levels lower the exchange rate. D) changes in national price levels often tell us about exchange rate movements. E) changes in national price levels match identical changes in the exchange rate.
Diminishing marginal product means that ________
A) when adding extra units of a single input, output increases become smaller B) when adding extra units of a single input, output increases become larger C) when adding extra units of a single input, output declines D) the amount of output increases when we add more inputs E) none of the above
Which of the following is not included as a component of the M1 definition of money?
A) bonds B) checkable deposits C) coins and bills held by the nonbank public D) all of the above E) none of the above