At the Pampered Pet Salon the marginal products of the first, second, and third workers are 50, 36, and 25 dogs washed, respectively. The total product (number of dogs washed) of the three workers is
A. 50.
B. 86.
C. 107.
D. 111.
Answer: D
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During the financial crisis in 2007 and 2008, financial institutions believed that default risks were higher. As a result, there was ________ in the supply of loanable funds and a ________ in the real interest rate
A) a decrease; fall B) an increase; rise C) an increase; fall D) a decrease; rise
Assume that eggnog and cookies are complements. If the price of eggnog goes up, what happens to the demand for cookies?
a. Demand for cookies increases. b. Demand for cookies decreases. c. Demand for cookies remains unchanged. d. The shift in demand will depend on the original price of cookies.
Frictional unemployment refers to:
A. people who are out of work and have no job skills. B. short periods of unemployment needed to match jobs and job seekers. C. people who spend relatively long periods out of work. D. unemployment related to the ups and downs of the business cycle.
A surplus occurs whenever
A. price is above the equilibrium price. B. price is below the equilibrium price. C. price is equal to the equilibrium price. D. the supply curve is downward sloping.