In an Israeli factory, each worker can produce 2/5 of a shirt in an hour or 1/3 of a pair of pants in an hour. If there are 500 workers in the factory, then the maximum number of shirts that can be made in an hour is
a. 100
b. 200
c. 50
d. 250
e. 300
B
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If the price of diamonds is expected to decrease, all else equal, then the demand for diamonds ________ and the demand for platinum ________
A) decreases; increases B) decreases; decreases C) increases; increases D) increases; decreases
What was particularly significant about the failure of the Bank of New England in 1991?
A) It was the FDIC's first use of the purchase and assumption method. B) It fell under the FDIC's "too big to fail" policy. C) The FDIC had to delay bank liquidation due to lack of funds. D) The FDIC began its policy of insuring checkable deposits fully.
The problem of "double marginalization" is
a. The retail price being too low due to an exclusion of both manufacturer and retailer markup b. The retail price being too high due to an inclusion of manufacturer markup c. The retail price being too high due to an inclusion of both manufacturer and retailer markup d. The retail price being too high due to an exclusion of retailer markup
Economic rent is any payment
A) received by the owner of a resource in perfectly elastic supply. B) received by the owner of a resource with a supply curve that is not horizontal. C) in excess of the resource's opportunity cost. D) below that of a normal profit or return.