John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table. Time cleaning windows (hours/day)Total number of windows cleaned0017211314416517 A second hour cleaning windows will yield additional earnings of ________.
A. $2
B. $8
C. $7
D. $14
Answer: B
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When countries specialize in what they do efficiently and trade, the material wealth of nations
A) expands. B) contracts C) remains the same. D) Need more information to answer this question.
The domestic currency price of a representative foreign expenditure basket is
A) P, the domestic price level. B) E, the nominal exchange rate. C) P times E, the domestic price level times the domestic price level. D) P , the foreign price level. E) P times E, the foreign price level times the nominal exchange rate.
Which of the following statements best describes the neoclassical perspective?
a. The level of potential GDP is determined by long-term productivity growth, and the economy typically will return to full employment after a change in aggregate demand. b. The level of potential GDP is determined by short-term productivity growth, and the economy typically will return to full employment after a change in aggregate demand. c. The level of potential GDP is determined by full employment ,and the long-term productivity growth will return after a change in aggregate demand. d. The level of potential GDP is determined by full employment, and short-term productivity growth will return after a change in aggregate demand.
Price ceilings during times of war cause consumers' surplus to fall relative to its magnitude without market intervention
Indicate whether the statement is true or false