Refer to Table 10.2. If the price of output is $1 per unit and we observe the firm hiring four workers, if the firm is maximizing profit, the wage rate must be between ________ and ________.
A. $35; $40
B. $30; $35
C. $45; $60
D. $80; $90
Answer: A
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In the figure above, if there is no Ricardo-Barro effect, the government has a budget ________ because the ________
A) surplus of 0.2 trillion; SLF curve lies to the right of the PSLF curve. B) deficit of 0.2 trillion; SLF curve lies to the right of the PSLF curve. C) deficit of 0.4 trillion; SLF curve shows a smaller quantity of LF than the PSLF curve. D) surplus of 0.4 trillion; SLF curve shows a larger quantity of LF than the PSLF curve. E) surplus of -0.2 trillion; SLF curve lies to the right of the PSLF curve.
The quantity of items circulating in the economy that can be used as money is called
A) representative commodity money. B) the money supply. C) commodity money. D) fiat money.
A consumer spends all of her income on goods x and y. At her optimum,
a. her valuation of the two goods exceeds the market's valuation of the two goods. b. her marginal rate of substitution between good x and good y exceeds the ratio of the price of good x to the price of good y. c. the slope of her budget constraint is equal to the slope of the highest indifference curve that she can reach while remaining within her budget. d. her expenditure on good x is equal to her expenditure on good y.
Which of the following is a typical example of an increasing-cost industry?
a. a tuna fishing company b. a safety pin maker c. a department store d. a bank