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
C
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If a union negotiated a wage above the market equilibrium wage, we would find
A) a surplus of laborers at the negotiated wage. B) a shortage of laborers at the negotiated wage. C) higher efficiency of labor at the negotiated wage. D) lower worker productivity at the negotiated wage.
Which of the following is NOT a program designed to attack poverty?
A) Supplementary Security Income B) food stamps C) Social Security D) federal corporate income tax
For which of the following goods is the marginal benefit of search likely to be greatest?
a. a haircut b. a maid c. a jar of peanut butter d. a heart bypass e. a new lamp
According to the concept of scarcity in economics,
(a) wants will be fully satisfied sometime in the future. (b) the wants of society cannot be satisfied by the goods and services that can be produced from given resources. (c) there are no free goods. (d) free goods and scarce goods are equally available. (e) All of the above.