Federal Reserve notes are
A) paper currency.
B) checks issued by the U.S. government.
C) savings bonds.
D) travelers' checks.
Ans: A) paper currency.
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In the figure above, assuming that the firm does not shut down, it will charge a price of
A) $1. B) $2. C) $3. D) $4.
The effect time lag is the time period that elapses
A) between when an economic problem manifests itself and it is officially acknowledged. B) between the recognition of an economic problem and implementing policies to solve it. C) between implementing policies to solve an economic problem and when the results of that policy can be measured. D) between the beginning of the budgetary process and the final budget resolution.
Which of the following statements is true about monopsony?
a. c and e. b. c, d, and e. c. Monopsonists exercise complete buying power. d. Monopsonists maximize profit by setting MRP = MFC. e. Monopsonists face the whole labor supply curve.
Suppose the population (age 16 and over) of Panama is 50 million; 4 million are unemployed, and 36 million hold jobs. What are the rates of unemployment and labor force participation of Panama?
a. Unemployment is 10 percent, and labor force participation is 80 percent. b. Unemployment is 10 percent, and labor force participation is 75 percent. c. Unemployment is 11 percent, and labor force participation is 80 percent. d. Unemployment is 11 percent, and labor force participation is 90 percent.