It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation.
B. credentialism.
C. cretinism.
D. diplomacy.
Answer: B
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If the market price of the product that employs labor in production increases:
a. the marginal product of labor increases. b. the demand curve for labor shifts to the left. c. the price of labor decreases. d. the marginal revenue product of labor increases. e. the supply curve of labor shifts to the left.
Which of the following illustrates a barter transaction?
A) A bushel of oranges is traded for a bushel of apples. B) Someone buys a pizza for the special price of $4. C) Someone buys a house for $100,000. D) b and c E) a, b, and c
Which of the following is a normative economic statement?
a. The Federal budget surplus rose by 10 billion dollars b. A fall in the unemployment rate was forecast for next month c. The Federal funds rate was reduced by half a percentage point d. A trade deficit of 20 billion dollars will harm the economy
By affecting the amount of reserves in the banking system, the Fed can
A. increase government purchases. B. affect the size of the money supply. C. reduce government purchases. D. change the marginal tax rates.