Refer to Table 17-1. Suppose the output price is $3. If the firm represented in the table is maximizing its profit by hiring six workers, what is the wage rate?
A) $120
B) $65
C) $40
D) There is insufficient information to answer the question.
A
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The short-run aggregate supply curve has a(n) ________ slope because as prices of ________ rise, prices of ________ rise more slowly
A) infinite; inputs; final goods and services B) positive; final goods and services; inputs C) infinite; final goods and services; inputs D) positive; inputs; final goods and services
When traders perceive a permanent money supply adjustment, long-term nominal interest rates ___ affected, the expected exchange rate ____ affected, and the spot exchange rate ___ affected.
a. are not; is; is b. are; is; is not c. are not; is not; is not d. are; is not; is
If the equilibrium price for some product is $1000, a price ceiling of $1200 will result in
A) massive surpluses of the good. B) the same general effects as a price floor of $1200. C) the same general effects as an administered price of $1200. D) the same general effects as a price ceiling of $600. E) no effects because the price ceiling is not binding at that price.
Which of the following identifies an important reason why empirical studies find that joining the European Economic Community (EEC) in 1973 may have imposed a substantial net cost on Britain?
A. Removal of trade barriers on imports from Australia and New Zealand B. Trade creation for British manufactured goods C. Withdrawal of subsidies received by British farmers D. Trade diversion on agricultural products