Why does the total product curve peak at six workers?
a. Moe’s cannot afford to hire more than six workers.
b. The most workers that Moe can supervise at one time is six.
c. With more than six workers the shop has accounting profits but no economic profits.
d. If Moe’s has more than six workers at once they crowd each other and less work gets done.
d. If Moe’s has more than six workers at once they crowd each other and less work gets done.
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If the demand for cucumbers falls when the price of tomatoes rises, then we know that tomatoes and cucumbers are:
A. substitutes B. normal goods C. inferior goods D. complements
When tariffs on exports are eliminated, there is at least in principle a way for everyone to benefit.
Answer the following statement true (T) or false (F)
The economy is at full employment when all unemployment is ________
A. structural B. cyclical C. structural and cyclical D. structural and frictional
Asymmetric information means
A) some market participants have more information than others. B) some news are more important than others. C) some market participants interpret news differently. D) the impact of news on economic outcomes depends on the context.