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(338 solutions)

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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

Because people respond to incentives, we would expect that if the average salary of engineers increases by 50 percent while the average salary of teachers increases by 20 percent, ________.

a. students will shift majors from education to engineering

b. students will shift majors from engineering to education

c. fewer students will attend college

d. none of the answer choices are correct

a. students will shift majors from education to engineering...

Posted by Cleveland on August 28, 2024

Foreign trade ________.

a. is none of the answer choices

b. makes the members of a country more equal

c. allows a country to have a greater variety of products at a lower cost than if it tried to produce everything at home

d. allows a country to avoid trade-offs

e. increases the scarcity of resources

c) Allows a country to have a greater variety of products at a lower cost than if it tried to produce everything at home...

Posted by Cleveland on August 28, 2024

uppose you find $20. If you choose to use the $20 to go to the baseball game, your opportunity cost of going to the game is ________.

a. nothing, because you found the money

b. $20 (because you could have used the $20 to buy other things)

c. $20 (because you could have used the $20 to buy other things) plus the value of your time spent at the game

d. $20 (because you could have used the $20 to buy other things) plus the value of your time spent at the game, plus the cost of the dinner you purchased at the game

e. none of the answer choices

c. $20 (because you could have used the $20 to buy other things) plus the value of your time spent at the game...

Posted by Cleveland on August 28, 2024

Raising taxes and increasing welfare payments ________.

a. improves equality at the expense of efficiency

b. proves that there is such a thing as a free lunch

c. does none of the answer choices

d. reduces market power

e. improves efficiency at the expense of equality

a) Improves equality at the expense of efficiency...

Posted by Cleveland on August 28, 2024

A rational person does not act unless ________.

a. the action makes money for the person

b. the action is ethical

c. the action produces marginal costs that exceed marginal benefits

d. the action produces marginal benefits that exceed marginal costs

e. none of the answer choices are correct

d. the action produces marginal benefits that exceed marginal costs...

Posted by Cleveland on August 28, 2024

Economics is the study of how ________.

a. society manages its scarce resources

b. society manages its unlimited resources

c. to reduce our wants until we are satisfied

d. to avoid having to make trade-offs

e. to fully satisfy our unlimited wan

a) society manages its scarce resources...

Posted by Cleveland on August 28, 2024

Trade-offs are required because wants are unlimited and resources are _______.

a. efficient

b. marginal

c. economical

d. unlimited

e. scarce

e. Scarce...

Posted by Cleveland on August 28, 2024

Which of the following involve a trade-off?

a. Buying a new car

b. Going to college

c. Watching a football game on Saturday afternoon

d. Taking a nap

e. All of the answer choices involve trade-offs

e. All of the answer choices involve trade-offs...

Posted by Cleveland on August 28, 2024

10. Inflation and unemployment

Suppose that, in an attempt to combat severe inflation, the government decides to decrease the amount of money in circulation in the economy.

This monetary policy action demand for goods and services in the economy, leading to prices for products. In the short run, the change in prices induces firms to produce goods and services. This, in turn, leads to a unemployment level.

Based on this analysis, the economy faces the following trade-off between inflation and unemployment: Lower inflation leads to unemployment.

Suppose that, in an attempt to combat severe inflation, the government decides to decrease the amount of money in circulation in the economy.This monetary policy action decreases demand for goods and services in the economy, leading tolower prices for products. In ...

Posted by Cleveland on August 28, 2024

Which of the following factors explains most of the differences in standards of living among countries around the world?

Labor unions

Minimum wage laws

Productivity

Welfare and transfer payments

Which of the following factors explains most of the differences in standards of living among countries around the world?Labor unionsMinimum wage lawsProductivityWelfare and transfer paymentsPoints:1 / 1Close ExplanationExplanation:The sometimes very large differences in living standards among countr...

Posted by Cleveland on August 28, 2024

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Questions and Answers (338 solutions)

(338 solutions)

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Economics

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10. Inflation and unemployment

Questions and Answers
(338 solutions)