If real salaries decrease but nominal salaries do not, this means that:
A. the purchasing power of money has increased.
B. prices have not changed.
C. prices have risen.
D. prices have fallen.
Answer: C
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Which of the following statements about the concept of opportunity cost is true?
A. The opportunity cost of a decision only includes monetary outlays. B. The opportunity cost of a decision is the next best foregone alternative. C. All decisions have zero opportunity cost. D. The opportunity cost of a college education is measured by the payments for tuition and books.
What are public assistance programs?
What will be an ideal response?
Refer to Figure 11-9 above to solve the following problems
a. Calculate the fixed cost of production. b. Calculate the average total cost of production when the firm produces 20 units of output. c. Calculate the average variable cost of production when the firm produces 20 units of output. d. Calculate the average fixed cost of production when the firm produces 20 units of output. e. Calculate the average fixed cost of production when the firm produces 15 units of output. f. If the firm increases output from 15 to 20 units, what is the marginal cost of output?
A person who is currently not working and has stopped looking for a job because he or she is convinced there is no job available is classified as a
A) discouraged worker. B) disgruntled worker. C) depressed worker. D) dissatisfied worker.