The hours of work supplied by various types of workers are referred to by economists as
A. revenue.
B. labor.
C. production.
D. cost.
Answer: B
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Internalizing a negative externality means _____
a. changing the incentives of consumers to ignore the externality b. changing the incentives of producers to act as if there were no market for the external cost c. changing the incentives of producers to act as if there were a market for the external cost d. changing the incentives of consumers to complain about the externality to the producers
Suppose Johnny Stroller sells 12, 25, and 75 year-old scotch in under black, red, and blue labels. Suppose the storage costs are zero and the initial production costs are the same. What is the implied (approximate) interest rate if black sells for $18, red for $34 and blue for $388
a. 2 b. 5 c. 8 d. 10
A person will choose to work another hour if the benefit of another hour of work is:
A. greater than the opportunity cost. B. exactly equal to the average total cost to the firm. C. exactly equal to the opportunity cost. D. less than the opportunity cost.
Answer the following statements true (T) or false (F)
1) The M2 money supply is larger than the M1 money supply. 2) The M2 money supply may be larger or smaller than the M1 money supply depending on the size of small-denominated time deposit balances and money market mutual fund balances held by individuals. 3) The M2 money supply may be larger or smaller than the M1 money supply depending on the size of small-denominated time deposit balances and money market mutual fund balances held by individuals. 4) Currency and coins held by banks are part of the M1 definition of money supply. 5) Gold backs the U.S. money supply.