Utility is:
A. a way of describing a consumer’s wants.
B. only applicable to goods that are purchased.
C. a measure of a consumer’s income
D. All of these are true.
A. a way of describing a consumer’s wants.
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We observe the duration of unemployment falling and wage rates rising. It is likely that
A) the government has initiated expansionary fiscal policy but the policies haven't taken effect yet. B) summer has arrived. C) aggregate supply has increased. D) aggregate demand has increased.
Which kinds of jobs are migrating from the United States to less developed countries?
a. manufacturing jobs only b. manufacturing, IT, and computer jobs c. IT and computer jobs only d. medical and legal jobs
Which of the following was not claimed in the book Time on the Cross, by Fogel and Engerman (1974)?
(a) Slavery was growing stronger economically before the Civil War. (b) Slave agriculture in the South was more productive than was family farming in the North. (c) Slave breeding and sexual exploitation by slave owners were normal aspects of the slave system. (d) Slave field hands were harder working and more efficient than were white agricultural workers.
If demand is represented by Qd = 50 - 0.5P + 0.005I where I = $50,000 and supply is represented by Qs = 100 + 0.4P -2W where wages (W) = $15.00, compute the equilibrium price and quantity. What happens if income falls to I = $40,000?
What will be an ideal response?