The idea that a dollar in the hand of a rich person is worth less than a dollar in the hand of a poor person is a consequence of ________ justice.
A. utilitarian
B. social
C. absolute
D. Rawlsian
Answer: A
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Which of the following would increase the demand for union labor?
A) increasing worker productivity B) increasing the demand for union made goods C) decreasing the demand for non-union-manufactured goods D) all of the above
In the early 1960s, the discovery of the Phillips curve relationship caused economists and policy makers to think that they understood the trade-offs between: a. aggregate supply and aggregate demand. b. interest rate and investment. c. inflation and unemployment
d. monetary and fiscal policy. e. rule-making and discretionary policy.
There are 20 residents in the village of Towneburg. The size of the village's annual fireworks display depends upon the number of shells that are fired off. Each resident's demand for fireworks is shown below. The total cost of the fireworks display is $1,000 plus $10 per shell.
Collectively, the residents of Towneburg would be willing to pay ________ for the 10th shell, and the marginal cost of the 10th shell is ________.
A. $30; $10 B. $30; $100 C. $600; $1,100 D. $600; $10
An open market purchase of government securities by the Fed will cause which of the following?
A. an excess quantity of reserves supplied and a reduction in the federal funds rate B. an excess quantity of reserves demanded and an increase in the federal funds rate C. an excess quantity of reserves demanded and a reduction in the federal funds rate D. an excess quantity of reserves supplied and an increase in the federal funds rate