Figure 17-13
shows domestic supply and demand for baseballs in the United States. The world price of a baseball is $3. With free trade, how many baseballs will be purchased in the United States?
a.
4,000
b.
6,000
c.
8,000
d.
10,000
e.
12,000
e
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Which of the following statement is untrue?
A) assets equal liabilities plus net worth B) households and firms are lenders and borrowers in the flow of funds C) government regulation is the major cause of asymmetric information problems D) pension funds and insurance companies are financial intermediaries
Explain why checks on principals might be necessary
What will be an ideal response?
The multiplier ensures that equilibrium GDP equals full-employment GDP.
Answer the following statement true (T) or false (F)
What is the difference between marginal product and average product?
A. Marginal product is the additional output that a firm decides to produce for the next quarter based on market conditions. Average product is the average output over the past four quarters. B. Marginal product is the additional output that will be forthcoming from an additional worker, assuming that other inputs are constant. Average product is output per worker, or the total output divided by the number of workers. C. Marginal product is the additional output for every extra dollar paid to workers, assuming that other inputs are constant. Average product is output divided by total wages. D. Marginal product is the additional output that will be forthcoming from building an additional factory. Average product is output per worker, or the total output divided by the number of workers.