If society were to maximize the utility of its worst-off member, the final allocation would most likely be
A) relatively egalitarian.
B) on the contract curve.
C) Pareto-efficient.
D) one in which one person gets everything.
A
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Which of the following is NOT a part of the Federal Reserve System?
A) the Federal Deposit Insurance Corporation B) the Board of Governors C) the Twelve District Federal Reserve banks D) the Federal Open Market Committee
The likely result of an economy operating at full employment is:
a. cost-push inflation. b. demand-pull inflation. c. a lower rate of growth. d. hyperinflation.
The real minimum wage has increased significantly over the last 40 years.
Answer the following statement true (T) or false (F)
Refer to the following graph. The price of labor is $3 per unit:
How many units of labor should a firm use in order to produce 100 units of output at the least cost?
A. 15 units of labor B. 10 units of labor C. 5 units of labor D. 20 units of labor