Refer to Figure 10.1. If three lights are installed, the people who were responsible for the light being installed each receive a payoff of
A) 4.
B) 6.
C) 8.
D) 10.
D
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The substitution effect makes workers want to work less when the wage increases.
Answer the following statement true (T) or false (F)
Primarily, macroeconomists use microeconomic principles to study
A) business cycles and trends in the stock market. B) long-run economic growth and antitrust policies. C) trends in the stock market and long-term economic growth. D) long-run economic growth and business cycles.
If nominal GDP increases by 4 percent, then
What will be an ideal response?
People who argue for lifting the U.S. trade embargo with Cuba claim all of the following EXCEPT ________.
A) the embargo has not achieved its purpose of changing Cuba's economic and political system B) U.S. companies lose Cuban sales to competitors from other countries C) increased exposure to the United States would be a more effective force of change D) Cuba has largely become a market economy already