In listing both the amount and cost of Wal-Mart's 2014 sales, this Application is addressing the economic concept of
A) chain-weighted indexes. B) value added.
C) real versus nominal GDP. D) GDP as a measure of welfare.
B
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The above figure shows the supply and demand curves for high-skilled and low-skilled labor. High-skilled workers earn a wage rate of
A) $15 per hour. B) $12 per hour. C) $9 per hour. D) $6 per hour.
The above figure depicts a short-run production function for Albert's Pretzels. The marginal productivity of labor
A) rises then falls as the amount of capital increases. B) falls then rises as the amount of labor increases. C) is greater than or equal to the average productivity of labor for all amounts of labor. D) is less than or equal to the average productivity of labor for all amounts of labor.
Which of the following would be considered a resource cost of inflation?
a. A cost of living adjustment b. Loss of purchasing power c. Additional trips to the bank d. Adjusting nominal interest rate to get real rates e. Creeping inflation
Obstacles that make it difficult or impossible for would-be producers to enter a market are known as:
a) Entry tariffs. b) Entry blockades. c) Monopoly profits. d) Barriers to entry.