For Christmas travel, prices have been up about __% this year compared with last year
Fill in the blank(s) with the appropriate word(s).
Answer: 5
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If the wage rate is ________ the value of marginal product, a firm can increase its profit by ________
A) greater than; selling an extra unit of output B) less than; selling one less unit of output C) less than; hiring an extra worker D) less than; hiring one less worker
From the classical perspective, a decrease in output during a recession is a result of
A) firms voluntarily supplying fewer goods and services in the marketplace. B) a greater quantity of goods and services supplied than is the quantity demanded for these goods and services. C) the decrease in the overall level of production due to those firms which were forced to shut down. D) the decline in availability of factors of production which naturally occurs at the onset of a recession.
The above figure shows the market for apples. If a consumer group convinces the government to set a maximum price of $2 per pound, then
A) 300 pounds of apples will be sold at $2. B) no apples will be supplied. C) no apples will be demanded. D) there will be a shortage of 100 pounds of apples.
Explain how nonrecourse loans operate and how they help to support crop prices