Given a production possibilities curve, a point:
a. inside the curve represents unemployment.
b. on the curve represents full employment.
c. outside the curve is currently unattainable.
d. all of these.
d
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The discount rate is the interest rate that
A) commercial banks charge their customers. B) commercial banks charge each other for the loan of reserves. C) the Fed charges the government for loans. D) the Fed charges commercial banks when it loans reserves to the banks. E) the Fed pays commercial banks on their reserves held at the Fed.
If a person supplies more hours of labor in response to a wage increase, then
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) the income effect equals the substitution effect. D) the person is not maximizing utility.