If the demand for computers increases as consumers' incomes rise, then computers are:
A. a normal good.
B. a complementary good.
C. an inferior good.
D. a substitute good.
Answer: A
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The BLS count Jody as being unemployed if she _______
A. had a job last month but not this month B. doesn't have a job because the U.S. factory where she worked cannot compete with cheap Chinese imports C. wants a job and looked for a job last year but has now stopped looking D. wants a job and is willing to take a job but after searching last week cannot find a job
An example of a flow variable is
a. the number of cars in the United States today b. the current value of your wealth c. the population of Mexico d. income e. the number of sweaters a clothing store has on its shelves
A profit-maximizing restaurant owner will hire more busboys to keep more tables clean and quickly available to new customers, as long as the
a. marginal product of busboys exceeds the marginal product of other employees. b. hourly wage of busboys is lower than that of cashiers and cooks. c. marginal revenue product of busboys exceeds their wage rate. d. wage of busboys exceeds the wage of other employees.
When a firm operates at efficient scale, it is producing at the minimum point on its average total cost curve
a. True b. False Indicate whether the statement is true or false