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Money aggregates

Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes.

Example
M1
M2
Megan has $6,000 in a six-month certificate of deposit (CD).
Larry has $30,000 in a money market account.
Felix has $1,200 in a checking account.

Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes.ExampleM1M2Megan has $6,000 in a six-month certificate of deposit (CD).Larry has $30,000 in a money market account.Felix has $1,200 in a checking account.Points:0.83 / 1Clo...

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Posted by Cleveland on September 9, 2024
Despite the fact that personal possession of currency is not allowed by U.S. prisons, in reality, incarcerated people still exchange goods and services. Until 2003, the year in which the U.S. government banned smoking in federal penitentiaries, cigarettes were the preferred medium of exchange among prisoners. A main difference between using cigarettes and using dollars as money is that    have intrinsic value.
Cigarettes are an example of    money.

Despite the fact that personal possession of currency is not allowed by U.S. prisons, in reality, incarcerated people still exchange goods and services. Until 2003, the year in which the U.S. government banned smoking in federal penitentiaries, cigarettes were the preferred medium of exchange among ...

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Posted by Cleveland on September 9, 2024

2. Liquidity

Consider the relative liquidity of the following assets:
Assets
1.A $1 bill
2.The funds in a savings account
3.Your condo
4.A bond issued by a publicly traded company
Select the assets in order of their liquidity, from most liquid to least liquid.
Asset
Most Liquid    
Second-Most Liquid    
Third-Most Liquid    
Least Liquid    

Select the assets in order of their liquidity, from most liquid to least liquid.AssetMost Liquid$1.00 bill   Second-Most LiquidFunds held in a savings account   Third-Most LiquidBond   Least LiquidCondo   Points:1 / 1Close ExplanationExplanation:Liquidity ...

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Posted by Cleveland on September 9, 2024

1. The roles of money

Felix wants to both purchase a new laptop and go Florida for spring break. The computer is priced at $1,299, and the vacation is priced at $800. He has only $1,574 in his checking account, so he cannot afford to purchase both. After much thought, Felix buys the laptop and writes a check for $1,299.
Identify what role money plays in each of the following parts of the story.
Hint: Select each role only once.
Role of Money
Medium of Exchange
Unit of Account
Store of Value
Felix can easily determine that the price of the laptop is more than the price of the vacation.
Felix has $1,574 in his checking account.
Felix writes a check for $1,299.

Hint: Select each role only once.Role of MoneyMedium of ExchangeUnit of AccountStore of ValueFelix can easily determine that the price of the laptop is more than the price of the vacation.Felix has $1,574 in his checking account.Felix writes a check for $1,299.Points:1 / 1Close ExplanationExplanatio...

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Posted by Cleveland on September 9, 2024
Consider two hypothetical states that operate under different laws governing labor unions.
The following graph shows the labor market in a state in the West. Initially, the market-clearing wage in this state is $10.00 per hour.
Now, suppose that the General Assembly in this western state passes a law that makes it easier for workers to join a union. Through collective bargaining, the union negotiates an hourly wage of $12.50.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Graph Input Tool
Market for Labor
 
Wage
(Dollars per hour)
 
Labor Demanded
(Thousands of workers)
 
Labor Supplied
(Thousands of workers)
Enter $12.50 into the box labeled Wage on the previous graph.
Hint: Be sure to pay attention to the units used on the graph.
At the union wage,
union workers will be employed.
The following graph shows the labor market in a state in the East. Suppose the legislature in this state passes strong "right-to-work" laws that make it very difficult for unions to organize workers, so the wage is always equal to the market-clearing value. Assume that with the exception of this difference in legislation, the western and eastern states are extremely similar.
The initial position of the graph corresponds to the initial labor market condition in the eastern state before the labor union negotiated the new, higher wage for workers in the western state.
Suppose that after the wage goes up in the western state, some workers in the western state lose their jobs and decide to move to the eastern state.
 Adjust the graph to show what happens to employment and wages in the eastern state.
Which of the following groups are worse off as a result of the union action in the western state? Check all that apply.

Consider two hypothetical states that operate under different laws governing labor unions.The following graph shows the labor market in a state in the West. Initially, the market-clearing wage in this state is $8.00 per hour.Now, suppose that the General Assembly in this western state passes a law t...

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Posted by Cleveland on September 9, 2024
Consider two hypothetical states that operate under different laws governing labor unions.
The following graph shows the labor market in a state in the West. Initially, the market-clearing wage in this state is $10.00 per hour.
Now, suppose that the General Assembly in this western state passes a law that makes it easier for workers to join a union. Through collective bargaining, the union negotiates an hourly wage of $12.50.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Graph Input Tool
Market for Labor
 
Wage
(Dollars per hour)
 
Labor Demanded
(Thousands of workers)
 
Labor Supplied
(Thousands of workers)
Enter $12.50 into the box labeled Wage on the previous graph.
Hint: Be sure to pay attention to the units used on the graph.
At the union wage,
union workers will be employed.
The following graph shows the labor market in a state in the East. Suppose the legislature in this state passes strong "right-to-work" laws that make it very difficult for unions to organize workers, so the wage is always equal to the market-clearing value. Assume that with the exception of this difference in legislation, the western and eastern states are extremely similar.
The initial position of the graph corresponds to the initial labor market condition in the eastern state before the labor union negotiated the new, higher wage for workers in the western state.
Suppose that after the wage goes up in the western state, some workers in the western state lose their jobs and decide to move to the eastern state.
 Adjust the graph to show what happens to employment and wages in the eastern state.
Which of the following groups are worse off as a result of the union action in the western state? Check all that apply.

Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.0125250375500625750875100020.017.515.012.510.07.55.02.50WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply Graph Input ToolMarket for Labor W...

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Posted by Cleveland on September 9, 2024

Why might some firms choose to pay workers a wage above the market equilibrium, even with a surplus of labor in the market? Check all that apply.

Why might some firms choose to pay workers a wage above the market equilibrium, even with a surplus of labor in the market? Check all that apply.Paying higher wages tends to reduce the average experience level of a firm's workers.Higher wages cause workers to shirk more of their responsibilitie...

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Posted by Cleveland on September 9, 2024
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $10.00. Then indicate whether this wage will result in a shortage or a surplus.
Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers.
WageLabor DemandedLabor SuppliedShortage or Surplus?
(Thousands of workers)(Thousands of workers)
$10.00
Surplus   
Suppose the federal government contemplates a new law that would create a national minimum wage of $10.00 per hour.
Which of the following statements are true? Check all that apply.

5. Minimum-wage laws and unemploymentConsider the labor market defined by the supply and demand curves plotted on the following graph.Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator.02004006008001000120014001600161412108...

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Posted by Cleveland on September 9, 2024

5. Minimum-wage laws and unemployment

Consider the labor market defined by the supply and demand curves plotted on the following graph.
Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator.
Graph Input Tool
Market for Labor
 
Wage
(Dollars per hour)
 
Labor Demanded
(Thousands of workers)
 
Labor Supplied
(Thousands of workers)
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $7.50. Then indicate whether this wage will result in a shortage or a surplus.
Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers.
WageLabor DemandedLabor SuppliedShortage or Surplus?
(Thousands of workers)(Thousands of workers)
$7.50
    
Suppose the federal government contemplates a new law that would create a national minimum wage of $7.50 per hour.
Which of the following statements are true? Check all that apply.

Which of the following statements are true? Check all that apply.In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium.Binding minimum wages cause frictional unemployment.In this labor market, a minimum wage of $7.50 is binding.If the mini...

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Posted by Cleveland on September 9, 2024
Suppose the world price of aluminum falls significantly. The demand for labor among aluminum-producing firms in Pittsburgh will    . The demand for labor among airplane manufacturing firms in Washington, which use aluminum as an input, will    . The temporary unemployment that results from sectoral shifts such as the ones describes above is best categorized as    unemployment.
Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply.

Suppose the world price of aluminum falls significantly. The demand for labor among aluminum-producing firms in Pittsburgh willdecrease   . The demand for labor among airplane manufacturing firms in Washington, which use aluminum as an input, willincrease   . The temporary unempl...

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Posted by Cleveland on September 9, 2024