Each point on a ________ curve shows the willingness of consumers to purchase a product at different prices
A) production possibilities B) marginal cost
C) demand D) supply
C
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Which of the following is an example of the recognition lag?
A. The recession began in July, but the data did not confirm that fact for seven more months. B. Fearing inflation, the Fed reduced the money supply in March, but the aggregate demand did not begin to shift to the left until November. C. The aggregate demand initially shifted to the right in January, but did not fully shift until October. D. Once the recession was recognized, it took three months to formulate a new policy to combat it.
The nominal exchange rate is 32 Russian rubles per dollar. The price of a bushel of wheat is 260 rubles in Russia and $7 in the U.S. A. What is the real exchange rate? Show your work. B. Can arbitragers make a profit? C. If your answer to B is yes, where would arbitragers buy and where would they sell
Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of bread and potatoes are a consumer substitute for bread, we would expect the price of wheat to:
A. rise, the supply of bread to increase, and the demand for potatoes to increase. B. rise, the supply of bread to decrease, and the demand for potatoes to increase. C. rise, the supply of bread to decrease, and the demand for potatoes to decrease. D. fall, the supply of bread to increase, and the demand for potatoes to increase.
Use the following formula to answer the indicated question: Welfare benefit = Maximum benefit - 0.4 [Wages - (Work expenses + Child care costs)] Suppose Emily works 1,800 hours per year at a wage of $8 per hour, has child care expenses of $4,000 per year, and has work expenses of $1,000. If the state maximum welfare benefit is $12,000 per year, based on the welfare formula given, Emily's welfare benefit will be
A. $3,760. B. $2,600. C. $8,240. D. Zero because her income exceeds the limit.