Paper Pushers Inc. hires workers in a competitive labor market. Apart from labor, the company has no other variable inputs. The company's hourly output varies with the number of workers hired, as shown in the table. WorkersPages/hour0014027531054125514061507155 If the market price of each page is $5, the first worker's VMP is ________ per hour, and the third worker's VMP is ________ per hour.
A. $200; $150
B. $200; $525
C. $20; $525
D. $20; $15
Answer: A
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In the base year the price index
A) will be between 1 and 100. B) will always equal 100. C) equals 100 times the cost of the market basket in the base year. D) will equal the year.
You love peanut butter. You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought, and that this will cause the price of peanuts to double by the end of the year. As a result,
a. your demand for peanut butter will increase, but not until the end of the year. b. your demand for peanut butter increases today. c. your demand for peanut butter decreases as you look for a substitute good. d. you will wait for the price of jelly to change before altering your demand for peanut butter.
Which of the following would serve to reduce the costs caused by the variability of inflation?
A) seignorage B) bracket creep C) a higher capital gains tax D) indexed wages E) none of the above
How are government budgets affected by rising health care costs?
What will be an ideal response?