To aggregate 300 tons of steel, 5,000 bushels of wheat, and 1 million barrels of crude oil, economists add together the ________ of the three products
A. number of tons, bushels, and barrels
B. units
C. weight
D. dollar value
Answer: D
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Input demand functions that are calculated from profit functions differ from those calculated from cost functions because:
a. they assume cost-minimization. b. they hold output constant. c. they assume output price is constant. d. they assume output is set at its profit-maximizing level.
Large gains from trade are most likely when countries are very different.
Answer the following statement true (T) or false (F)
Which of the following is NOT a determinant of demand?
a. production technology
b. consumers' tastes
C. prices of other goods
d. consumers' incomes
Shel and Fran are neighbors. They work at the same firm and hold the same title. Shel finds that when Fran's consumption rises, Shel feels worse off. Fran feels the same way about Shel's consumption. Suppose the firm that employs both Fran and Shel begins to offer one hour of overtime at 1.5 times their base hourly wage. It is likely that:
A. Fran will work more but not Shel. B. both Fran and Shel will work more. C. Shel will work more but not Fran. D. neither Fran nor Shel will work more.