Refer to the table below. What is the probability of selling less than 22 cakes?
The above table shows the probability distribution of cake sales at Busy Betty's Bakery.
A) 0.10
B) 0.60
C) 0.40
D) 0.20
C) 0.40
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When a minimum wage is set above the equilibrium wage rate, ________
A) the supply of low-skilled workers decreases and the supply curve shifts rightward B) unemployment increases C) search activity decreases D) the supply of low-skilled workers increases and the supply curve shifts leftward
Consumption spending refers to ________ spending on goods and services
A) government B) business C) foreign D) household
For a monopsony buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit. B) is less than the average expenditure per unit. C) equals the average expenditure per unit. D) any of the above could be true.
Given two economic systems, A and B, if economy A has a absolute advantage in the production of widgets, then
A) fewer inputs are necessary to produce widgets in economy A than in economy B. B) economy A must give up less of all other goods to produce widgets than economy B. C) economy A is less efficient in the production of widgets than economy B. D) economy A would not benefit from the specialization of production.