If a person who weighs 100 lbs. is riding in an elevator and is joined by a person weighing 120 lbs., what happens to the average weight of persons on the elevator?
A. It falls.
B. It rises.
C. It stays the same.
Answer: B
You might also like to view...
Fill in the blank: In the economic way of thinking, ________ are the key to help people coordinate production and consumption plans
A) abundant levels of natural resources B) well-meaning and inspired economic planners C) market-formed prices D) years of training in economic theory
The invention of machinery that can double the amount of gold extracted from raw ore will likely: a. raise the world price of gold to pay for the new machinery
b. lower the world price of gold because any given amount can now be produced more cheaply. c. raise the world price of gold because miners' wages must double as their productivity doubles. d. lower the world price of gold only if new mining companies are not allowed to enter the industry.
In the following graph, the price of capital is $100 per unit. If a firm decides that total cost must not exceed $3,500, what is the maximum amount of output it can produce?
A. 1,000 B. 1,500 C. 500 D. 100 E. none of the above
Refer to the figures. If government policy can be used to affect the level of demand in the economy, these figures suggest that government policy:
A. can affect the level of output in the very short run, when prices are stuck.
B. can affect the level of output in the longer run, when prices are flexible.
C. cannot affect output in either the very short run or the longer run.
D. can be used to simultaneously affect the levels of output and prices.