If Jane works for 6 hours she can rent out 9 apartments, and if she works for 7 hours she can rent out 12 apartments. The marginal benefit of Jane's 7th hour of work equals:
A. 1 apartment
B. 9 apartments
C. 12 apartments
D. 3 apartments
Answer: D
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If the quantity of walkie-talkies supplied increases by 5 percent when price increases by 12 percent, then
A) the walkie-talkie supply curve will shift to the right. B) the supply of walkie-talkies is elastic. C) the supply of walkie-talkies is inelastic. D) the walkie-talkie supply curve will shift to the left.
The income effect of an increase in the price of salmon
A) refers to the effect on a consumer's purchasing power which causes the consumer to buy less salmon, holding all other factors constant. B) is the change in the demand for salmon when income increases. C) refers to the relative price effect—salmon is more expensive compared to other types of fish—which causes the consumer to buy less salmon. D) is the change in the demand for other types of fish, say trout, that results from a decrease in purchasing power.
Which of the following interest rates is usually below other money market rates?
A) Discount rate B) Prime rate C) Federal funds rate D) Treasury note rate
The effect time lag of fiscal policy refers to
A) the time needed for Congress to enact a policy. B) the delay in recognizing an economic problem. C) the time between the onset of a policy and when the policy has impact on the economy. D) the difficulty in getting the President and the Congress to agree on an appropriate policy.