Sadie works at a factory for $15 an hour and typically works 40 hours a week. Sadie gets a pay raise and now earns $20 an hour. She decides to work 45 hours a week at $20 an hour. Her response:
A. tells us the price effect outweighed the income effect of her pay raise.
B. implies her labor-supply curve is upward sloping.
C. is typically what is observed.
D. All of these statements are true.
D. All of these statements are true.
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Refer to Table 11.1. If the marginal propensity to import increases to 0.5 (mpi = 0.5), what is the new equilibrium level of output?
A) 568.00 B) 760.00 C) 946.67 D) 1,266.67
Refer to Figure 2-12. What is the opportunity cost of producing one gallon of honey in Bora Bora?
A) 2/3 of a gallon of milk B) 0.9 gallons of milk C) 1 1/3 gallons of milk D) 1.5 gallons of milk
Financial instruments with high information costs
A) will usually be more liquid than similar instruments with low information costs. B) will have lower yields than U.S. Treasury securities. C) may not be offered for sale in some states. D) will have lower prices than similar instruments with low information costs.
A monopolist has no supply curve because
a. as demand changes, each output level can be consistent with more than one profit-maximizing price b. monopolists tend to restrict output c. monopolists have no marginal cost curve d. monopolists can charge any price they want e. as demand changes, the firm's profit-maximizing choice of output may change