Moderate exercise is better than none, but excessive exercise is harmful. What is the shape of the graph of health benefits versus hours of exercise per week if health benefits are measured on the vertical axis and exercise is measured on the horizontal axis?
a. a positively sloped straight line
b. a negatively sloped straight line
c. a vertical straight line
d. a U-shaped curve
e. a hill-shaped curve
E
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Suppose the price of a good rises. The income effect
A) shows the change in consumption that results from the change in relative price while staying on the same indifference curve. B) shows the change in consumption that results from the change in relative price while keeping income constant. C) is shown by decreasing income at the new relative price in order to move from the old indifference curve to the new indifference curve after the price change. D) is shown by increasing income at the new relative price in order to move from the old indifference curve to the new indifference curve after the price change.
When smaller political groups wish to have influence in a government with pluralistic voting, they will:
A. drop from races, and consolidate with larger parties. B. stay in political races, in the hopes of swaying the vote away from the candidate the majority favors. C. drop from races, and campaign instead to sway the vote away from the candidate the majority favors. D. stay in political races, in the hopes of a miracle.
Data on output and planned aggregate expenditure in Macroland are given below.Output (Y)Planned Aggregate Expenditure (PAE)2,0002,3003,0003,2004,0004,1005,0005,0006,0005,900 Based on these data, the short-run equilibrium level of output is:
A. 4,100. B. 5,000. C. 3,200. D. 2,000.
In the wage setting relation W = PeF(u,z), the variable z does not include which of the following variables?
A) the minimum wage B) unemployment benefits C) the extent to which firms mark up prices over their marginal cost D) all of the above E) none of the above