The end of slavery in the United States represented
A) a large wealth transfer from the South to the North.
B) a large wealth transfer from the future to the present.
C) a large wealth transfer from Southern slave-holders to newly freed slaves.
D) a nominal wealth transfer from Southern slave-holders to newly freed slaves.
C
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Suppose you can earn 5 percent on your savings account if you deposit $500 in it. The inflation rate is 3 percent. The opportunity cost of holding the $500 as money is
A) $100. B) $525. C) $80. D) $30. E) $25.
A perfectly competitive firm's short-run shutdown point is the level of output at which
A) price equals average total cost. B) price equals average fixed cost. C) price equals the minimum average variable cost. D) price is above the minimum average total cost but below the minimum average fixed cost.
If a worker can produce 20 units of output which can be sold for $4 per unit, what is the maximum wage that firm should pay to hire this worker?
A) It depends on what the going wage rate is in the labor market. B) $80 minus the firm's profit markup C) $80 D) There is insufficient information to answer the question.
Which of the following statements is correct?
A) Open market purchases are expansionary and open market sales are contractionary. B) Open market purchases are contractionary and open market sales are expansionary. C) Both open market purchases and open market sales are expansionary. D) Both open market purchases and open market sales are contractionary.