Which of the following is a normative statement?
a. The unemployment rate has decreased.
b. Governments should hire anyone who cannot get a job.
c. Governments in most developed countries provide unemployment benefits.
d. The majority of union members work for the government.
b. Governments should hire anyone who cannot get a job.
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Use the following graph to answer the next question.
The graph shows the supply and demand for money where Dm1, Dm2, and Dm3 represent different demands for money and Sm1, Sm2, and Sm3 represent different levels of the money supply. The initial equilibrium point is A. What will be the new equilibrium point following a decrease in the transactions demand for money?
A. I B. B C. E D. F
When the aggregate demand curve shifts to the left against a vertical aggregate supply curve, the price level should __________ unless, as __________ argue, prices may have rigidities
A) fall; Keynesians B) fall; Monetarists C) rise; Keynesians D) rise; Monetarists
An example of someone who irrationally considers sunk costs when making a decision is most likely:
A. a family that pays $20 to enter a state park for the day and leaves after an hour. B. a family that pays $20 to enter a state park for the day and stays all day. C. someone who paid $50 for a ticket to a baseball game and ends up sitting through the entire game in the freezing rain without a jacket. D. someone who paid $50 for a ticket to a baseball game and ends up sitting through the entire game enjoying himself.
The law firm of Cheep, Cheeper, and Cheeperstill offers a salary of $35,000 to first-year lawyers. This firm will attract applications from
a. exactly the number of lawyers the firm wishes to hire b. many lawyers whose marginal revenue product is greater than $35,000 c. many lawyers whose marginal revenue product is less than $35,000 d. only lawyers whose marginal revenue product is equal to $35,000 e. many lawyers whose marginal revenue cost is equal to $35,000