Let X be the number of hours you spend studying for an exam on Wednesday afternoon and Y be your chances of winning the Wednesday night state lottery. What kind of a relationship do you most likely expect between X and Y?
A) direct
B) inverse
C) linear
D) 45-degree line
E) independent
E
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Suppose there is a tradeable goods market (such as products like textiles that can be shipped across markets) and a non-tradable goods market (such as services like hair cuts). Can outsourcing impact wages in the non-tradable market?
What will be an ideal response?
If individuals become so discouraged that they stop seeking jobs, then the:
a. Unemployment rate rises and the employment rate falls. b. Unemployment rate falls and employment rate stays the same. c. Unemployment rate falls and the employment rate falls. d. Unemployment rate remains the same and the employment rate stays the same. e. Unemployment rate falls, and the employment rate rises.
Exhibit 4-3 Supply and demand curves
In Exhibit 4-3, which of the following might cause a shift from S2 to S1?
A. A decrease in input prices. B. An improvement in technology. C. An increase in input prices. D. An increase in consumer income.
If a society only cares about efficiency and not equity, then
A) all points on the contract curve yield the same level of social welfare. B) it will not rely on competitive markets to allocate goods. C) it will maximize the utility of its worst-off member. D) an equitable outcome is impossible.