Economic recovery from recession appears to have begun in
Consider the following hypothetical annual growth rates of real GDP:
a) 1999
b) 2000
c) 2001
d) 2002
e) 2003
b) 2000
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Refer to Table 11-5. Suzette's Fancy Packaging subcontracts with Sunshineland Pecans to box dried fruit and nuts for Suzette's mail order business. Suzette rents space for her factory for $400 a week in a nearby strip mall
She can hire temporary workers for $200 a week. Table 11-5 above shows her output and cost data. Use the table to answer questions a-e. a. Complete the table. b. In the last week of summer Suzette closes her business to go on a family vacation. What are her costs during that week? c. In one week Suzette exactly breaks even. If her revenue for the week is $1,200, how many boxes of fruit and nuts did she produce? d. Judging from the marginal product of labor data, would you say that Suzette had to settle for increasingly unproductive workers? Explain your answer. e. Suzette has received an order for 1,500 boxes of nuts per week for the next 3 months. If she expects the trend in the marginal product of labor will continue in the same direction, what do you think she should do? Should she not commit until she can move to a larger space or should she just hire more workers? Explain your answer.
Which pair of goods is most likely to have a negative cross-price elasticity?
A. All cross-price elasticities are negative, but often reported in absolute value. B. Peanut butter and jelly. C. Butter and margarine. D. Milk and pencils.
The economy's self-correcting mechanism is such that demand shocks are offset in the long run by shifts of aggregate supply and supply shocks are offset by shifts of aggregate demand
a. True b. False
Of the total income earned in the U.S. economy, approximately
a. 33 percent is earned by workers, and 67 percent is earned by landowners. b. 50 percent is earned by workers, 25 percent is earned by landowners, and 25 percent is earned by owners of capital. c. 67 percent is earned by workers, and 33 percent is earned by owners of land and capital. d. 90 percent is earned by workers, and 10 percent is earned by owners of land and capital.