Mr. Clooney inherited a sum of $30,000 in 1990. If the price index for 1990 was 100 and the price index for 2014 is 188, the value of the money he inherited in 2014 dollars is ________.
A) $56,400
B) $45,200
C) $38,800
D) $48,000
Answer: A) $56,400
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In the United States, which of the following is an example of a government-sponsored good?
A) wireless networks B) concerts C) cigarettes D) marijuana
A change in the wage rate causes a firm's labor demand curve to shift
a. True b. False
Division of labor refers to
A. dividing tasks up into several subtasks and having one person perform these subtasks in a certain order. B. assigning different workers to different tasks. C. separating union workers from nonunion workers. D. the separation of hourly workers from salaried workers.
Answer the following questions true (T) or false (F)
1. The minimum point on the average variable cost curve is called the loss-minimizing point. 2. If a firm's fixed cost exceeds its total revenue, the firm should stop production by shutting down temporarily. 3. In the short run, a profit-maximizing firm will shut down if its total revenue is greater than its variable costs.