The costs involved with breaking a ban placed on a good depend on all of these except the:
A. likelihood of being punished if caught.
B. punishment associated with rule breaking.
C. ability of the public or individuals to pay for those costs.
D. likelihood of being caught.
Answer: C
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If the long-run Phillips curve is vertical, then any government policy designed to lower
Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. How many people are unemployed?
A) 100 B) 90 C) 50 D) 40 E) 10
What can be understood through the production function?
a. the monetary cost of inputs in relation to the sale price of outputs b. how many inputs are needed to produce a certain number of outputs c. the rate of change in output per added input compared with the change in cost d. the intrinsic value of operating the firm versus the firm’s monetary profits
In Macroland, currency held by the public is 2,000 econs, bank reserves are 300 econs, and the desired reserve/deposit ratio is 10 percent. If the Central Bank prints an additional 200 econs and uses this new currency to buy government bonds from the public, the money supply in Macroland will increase from ________ econs to ________ econs, assuming that the public does not wish to change the amount of currency it holds.
A. 5,000; 2,000 B. 3,000; 5,000 C. 5,000; 7,000 D. 20,000; 22,000