The total earnings of a worker are represented by E = 100 + $10(24 ? L), where E is earnings and L is the number of hours of leisure. How many hours of leisure are consumed if this worker's total earnings are $160?
A. 18 hours
B. 10 hours
C. 16 hours
D. 12 hours
Answer: A
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According to aggregate demand and supply analysis, the negative supply shocks of 1973-1975 and 1978-1980 had the effect of
A) increasing aggregate output, lowering unemployment, and raising the inflation. B) decreasing aggregate output, raising unemployment, and raising the inflation. C) increasing aggregate output, raising unemployment, and raising the inflation. D) decreasing aggregate output, raising unemployment, and lowering the inflation.
Jeanie Reuter and Janet Rothman are tenants in first and second floor apartments. Jeanie practices her piano lessons in the morning, while Janet practices aerobics on drum beats at the same time. Further assume that the value of practice to Jeanie is $10 while the value of aerobic exercises to Janet is $6 . If Jeanie has the right to practice piano peacefully, which of the following will be a
feasible solution to the problem? a. Janet will choose a different time for practicing aerobics. b. Janet will pay Jeanie $6 to make her change the time for piano practice. c. Janet will pay Jeanie $10 to make her change the time for piano practice. d. Jeanie will pay Janet $4 to make her change the time for aerobics exercises.
A production possibilities curve with quantities of clothing and food on the axes shows which of the following?I.A society cannot have an unlimited amount of each good.II.For an efficient society, an increase in clothing production will necessitate a decrease in food production.III.A society will always produce the maximum amount of both clothing and food.
A. I only B. II only C. III only D. Both I and II
Refer to the above figure. The profit maximizing quantity for a monopolistic competitor is
A. Q1. B. Q2. C. Q3. D. Q4.