A country's standard of living can be calculated by dividing the goods and services its people have by
A. social services.
B. population.
C. output.
D. total production.
B. population.
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A firm will shut down in the short run if its revenues fail to cover its
a. fixed costs. b. variable costs. c. total costs. d. sunk costs.
In situations where new technologies are considered substitutes for workers, demand for these workers will ________, resulting in ________ in the equilibrium wage
A) increase; a decrease B) decrease; a decrease C) increase; an increase D) decrease; an increase
A normal good is one for which
A) demand increases as income increases. B) demand increases as income decreases. C) the demand curve is horizontal. D) demand increases as the price of a substitute increases.
A wheat farmer who must purchase his inputs now but will sell his wheat at a market price at a future date:
A. is a good example of what the chapter refers to as a speculator. B. would hedge by taking the short position in a wheat futures contract. C. would hedge by taking the long position in a wheat futures contract. D. faces a market risk that cannot be offset.