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1) The supply of labor generally is considered to be downward-sloping because the opportunity cost of leisure decreases as wages increase.
True False
2) The marginal income tax rate is a person's tax burden as a percentage of total income.
3) The recession that began with a housing market crash in 2009 had the effect of reducing income inequality.
4) Poverty is defined by the U.S. government as having an income equal to or less than three times an average family's minimum food expenditure as calculated by the U.S. Department of Agriculture.
A monopoly market is characterized by the inverse demand curve P = 1,200 40Q and a constant marginal cost of $200. If the marginal cost of production rises to $400, what happens to the profit-maximizing price and output level?
Quantity of money demanded is positively related to the value of money and negitively related to the price. Used goods are not included in the Calculation of GDP. Nominal variables are measured in physical units.
q. suppose people in our overlapping generations model have the opportunity either to hold at money with complete
You purchase a very small 1-bedroom apartment in New York for $1,000,000. You obtain a mortgage with a fixed monthly interest rate, ic = 0.42%/month. You can pay this loan off with a fixed monthly payment of M1, or you can pay a linearly increasing p..
Some economists believe that creeping inflation cannot be accepted because a gradual increase in prices leads to an ever-rising rate of inflation. Other economists argue that in order to achieve economic growth, some moderate price increases are nece..
Who benefits from a tariff or quota? Who loses? Why would domestic markets benefit from protectionist trade policies? How do protectionist trade policies affect a government’s wealth and fiscal policy?
Suppose my grand grandmother in 1909 put $100 in the bank account for me. The bank has been paying the compounded (annual compounding) interest rate of 5% per year. If I go and pick up this money now (that is in 2009) how much money will I get?
What is the short term economic benefits and costs associated with the current high federal government budget deficits?
The demand function for bicycles in Holland has been estimated to be. Where Y is income in thousands of euros, Q is the quantity demanded in units, and P is the price per unit. When P = 150 euros & Y = 15(000) euros, determine the following: Price el..
The widget Industry in Any town is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given.
Kath has $80 (income M) to spend on pizza (good 1x) and coke (good 2x). The price of a slice of pizza is $4 and the price of a can of coke is $1. If Kath buys only pizza, how many can she buy? Formulate the intercept-slope equation of Kath’s budget l..
to build trust among virtual team members managers shoulddeep-six the egos and be friendlybuild a shared mythologyavoid
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