Which of the following is an example of a production function with fixed proportions?
A) putting orange juice into cartons
B) mowing lawns
C) cutting hair
D) teaching economics
A
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If the price of TVs produced by XYZ-TV Company falls from $1,000 to $750 per TV set, then the:
A. supply of labor to the XYZ-TV Company increases. B. demand for labor by the XYZ-TV Company increases. C. supply of labor to the XYZ-TV Company decreases. D. demand for labor by the XYZ-TV Company decreases.
If people generally believe that "you get what you pay for," it is reasonable for them to:
A. make every effort to get complete information about a product before making a purchase to make sure that the purchase is optimal. B. assume that a cheaper brand is always a better deal than expensive brands. C. assume that an expensive item is of higher quality, creating the possibility of an upward-sloping demand curve. D. assume that an expensive item is of higher quality, which eliminates the possibility of an upward-sloping demand curve.
Which of the following is not a key idea in the economic way of? thinking
A. People make rational choices by comparing costs and benefits. B. Poor people are discriminated against and should be treated more fairly. C. A rational choice is made at the margin. D. Choices respond to incentives.
Which of the following is true?
A) Points along the aggregate supply curve show the equilibrium levels of output and prices that are consistent on the demand side of the economy. B) Points along the aggregate demand curve show the equilibrium levels of output and prices that are consistent on the supply side of the economy. C) Aggregate demand shows the levels of GDP and prices where expenditure decisions and production decisions match. D) Aggregate supply shows the levels of GDP and prices where expenditure decisions and production decisions match.