Carlos can produce the following combinations of X and Y: 10X and 10Y, 5X and 15Y, and 0X and 20Y. The opportunity cost of one unit of X for Carlos is
What will be an ideal response?
1 unit of Y
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If households expect prices of consumer goods to decline, this will:
A. increase the quantity of real domestic output demanded. B. decrease aggregate demand. C. decrease the quantity of real domestic output demanded. D. increase aggregate demand.
Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is 5 units of output and that the price of the output is $4. According to economic theory, in the short run
A) the firm should hire additional workers. B) the firm should reduce the number of workers employed. C) the firm should continue to employ 10 workers. D) More information is required to answer this question.
Employee performance evaluation is needed because:
A. it justifies the incredibly high fringe benefits of the CEOs. B. it determines rewards and sanctions-wages, raises, bonuses, and dismissals. C. it minimizes the risks faced by employees for putting in their effort. D. it justifies the incredibly high wages of the CEOs.
Which of the following is an example of something economists study?
a. Mitch chooses to work overtime to earn extra income for his family. b. Megan sells her physics textbook from last semester to her roommate for half the price of a new textbook. c. The unemployment rate in the United States has fallen by two percentage points in the last few years. d. All of the above are correct.