Who from among the following is counted as employed?
A. Ray wants to work forty hours per week, but can only find work for twenty hours per week.
B. Aikira has been offered several jobs in the past four weeks, but has chosen not to accept any of the offers.
C. Frank would like to work, but has not looked for work because he believes no jobs are available.
D. Anna Marie spends all of her time taking care of her children at home.
Answer: A
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If banks choose to hold excess reserves
A. Lending decreases, and the money supply decreases. B. Lending increases, and the money supply increases. C. Lending decreases, and the money supply increases. D. None of these.
If the price of a soda is $0.50, and the marginal utility of the first soda consumed is valued at $2, then the consumer surplus of that first soda is
a. $0.50 b. $1.50 c. $2.00 d. $2.50 e. $4.00
If an accountant makes $80,000 and after deductions pays $8,000 in taxes while an administrative assistant makes $35,000 and after deductions pays $2,000 in taxes, this is an example of
A. Vertical equity. B. Effective inequity. C. Marginal inequity. D. Horizontal equity.
In order to prove that Dr. Pepper and 7-Up are substitutes, economists should test the ____ and get a ____.
A. price elasticity of demand; number less than 1 B. income elasticity; positive number C. cross-price elasticity; positive number D. price elasticity of demand; number greater than 1