Other things the same, a decrease in the price level makes consumers feel
a. less wealthy, so the quantity of goods and services demanded falls.
b. less wealthy, so the quantity of goods and services demanded rises.
c. more wealthy, so the quantity of goods and services demanded rises.
d. more wealthy, so the quantity of goods and services demanded falls.
c
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Refer to the figure above. What is the opportunity cost of producing one computer program?
A) 0.2 Web sites B) 5 Web sites C) 8 Web sites D) 12 Web sites
A production possibilities frontier that is bowed-inward implies
A) economies of scale. B) diseconomies of scope. C) economies of scope. D) no economies of scope.
The marginal product of labor is
a. the average number of units produced by each worker. b. the additional output produced when another worker is hired. c. a worker's weekly production. d. the total number of units each worker is capable of producing.
If you get a job and are never required to join the union, this is known as a(n)
A. closed shop. B. open shop. C. agency shop. D. union shop.