The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound. A worker costs $1,200 per month
How many workers does Peter hire to maximize his profit? A) zero
B) one
C) three
D) four
C
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What is meant by a speculative bubble?
a. A pattern in past stock prices that, according to technical analysts, indicates higher future prices. b. A circumstance where everyone expects higher prices, which in turn causes higher prices. c. An occasional occurrence in program trading in which many investors simultaneously receive instructions to sell. d. A situation where poorly informed traders exacerbate any upturns or downturns in the market.
Which of the following is a flow variable?
A) consumption B) savings C) wealth D) population
Unlike a banking crisis, an exchange rate crisis rarely results in a deep recession
Indicate whether the statement is true or false
For which of the following groups has the poverty rate declined most in the United States?
a. unmarried heads of households b. married heads of households c. less-educated African-Americans d. African-Americans with high school but not college educations e. people 65 and older