Along the supply curve of lifeguards at local public pools,
a. the wage paid to lifeguards is held constant
b. the number of lifeguards is held constant
c. the wage paid to lifeguards at private clubs is held constant
d. the demand for lifeguards is assumed constant
e. the admission price to these public pools rises as the wage rate for lifeguards increases
C
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The table above shows a nation's production possibilities frontier. If the nation wants to produce 4 robots and 34 pizzas,
A) the nation will be producing inefficiently. B) the opportunity cost is 9 pizzas. C) it will shift the production possibilities frontier. D) it will be unable to do so because the production point is unattainable. E) the nation will then be producing at a production efficient point.
The halfway-point between the buyer's valuation and the seller's opportunity cost is:
a. sometimes a focal point. b. where the two parties invariably agree to transact. c. outside the core. d. inside the utility possibility frontier.
The creation of the Social Security program caused a decrease in the labor force participation rate.
Answer the following statement true (T) or false (F)
(Consider This) During and immediately following the severe recession of 2007-2009, on the consolidated balance sheet of the 12 Federal Reserve Banks:
A. commercial bank reserves grew significantly because the Fed increased the required reserve ratio. B. liabilities fell significantly as commercial banks drained reserve accounts to meet their own deposit liabilities. C. assets fell significantly as a result of heavy withdrawals from commercial banks. D. assets grew significantly from Fed purchases of securities from financial institutions.