Which of the following could explain an increase in the equilibrium wage rate for a particular job?
a. a decrease in the amount of training needed to perform this job
b. an increase in the amount of risk associated with this job
c. a decrease in the amount of risk associated with this job
d. an improvement in the working conditions associated with this job
e. increased migration of workers to this geographic location
B
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Hasan has eaten three slices of pizza. What would be the marginal utility of the next slice?
a. 4
b. 6
c. 24
d. 28
If the actual money multiplier equals the potential money multiplier, and if the Fed wishes to reduce the money supply by $1 million when the reserve ratio is 10 percent, then the Fed should
A. buy $100,000 of government securities. B. sell $10,000 of government securities. C. sell $100,000 of government securities. D. buy $10,000 of government securities.
A perfectly competitive industry achieves allocative efficiency in the long run. What does allocative efficiency mean?
A) Each firm produces up to the point where the price of the good equals the marginal cost of producing the last unit. B) Each firm produces up to the point where all scale economies are exhausted. C) Production occurs at the lowest average total cost. D) Firms use an input combination that minimizes cost and maximizes output.
A decrease in individual income taxes ________ disposable income, which ________ consumption spending
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases