If the first worker produces five custom picture frames a day, and the second worker produces five additional custom picture frames a day, it is clear that diminishing marginal returns have not yet set in.
Answer the following statement true (T) or false (F)
True
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What agency processes most of the electronic payments?
a. the Treasury b. the Congress c. the FDIC d. the Fed
The aggregate supply curve indicates the
a. relationship between prices and the aggregate quantity of goods and services purchased by consumers, investors, governments, and foreigners (net exports). b. relationship between prices and the natural rate of unemployment. c. relationship between the real wage rate and the quantity of labor supplied by households. d. quantity of goods and services producers will supply at different price levels.
Suppose that Canada pegs its dollar to the U.S. dollar at a rate of $C1 = $US1 and that Canada is a major exporter of crude oil to the United States. The increase in the price of oil that occurred in the second half of 2007 is likely to:
A) cause asymmetric shocks to the U.S. and Canadian economies that will make it difficult for Canada to maintain the $C1 = $US1 exchange rate. B) cause symmetric shocks to the U.S. and Canadian economies that will make it difficult for Canada to maintain the $C1 = $US1 exchange rate. C) cause asymmetric shocks to the U.S. and Canadian economies and make it easier for Canada to maintain the $C1 = $US1 exchange rate. D) cause symmetric shocks to the U.S. and Canadian economies and make it difficult for Canada to maintain the $C1 = $US1 exchange rate.
Which of the following elements are commonly emphasized by people who criticize advertisements?
a. increases elasticity; harms competition; manipulates consumer tastes b. increases elasticity; provides service information; causes demonstration effect c. provides service information; causes demonstration effect; manipulates consumer tastes d. harms competition; causes demonstration effect; manipulates consumer tastes