The basic problem of economics arises when there are unlimited resources available to fulfill society's limited wants
a. True
b. False
B
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Refer to Figure 7.1. Start from initial equilibrium. If firms reduce their capital stock, the new real wage could be ________ and the new amount of labor employed could be ________
A) X; C B) X; A C) Z; C D) Y; C
Researchers estimate QALYs in a number of different ways. One popular approach is called
a. the probability approach b. the QoL approach c. the standard gamble d. the standard measure of well-being e. the utility of life approach
The sum of the marginal propensity to consume (MPC) and the marginal propensity to save (MPS) always equals:
a. 1. b. 0. c. the interest rate. d. the marginal propensity to invest (MPI).
The smallest (in terms of dollar value) component of our M1 money supply is
a. demand and other checkable deposits b. currency c. travelers' checks d. money market accounts e. savings accounts