In the quantity theory of money, which of these variables is endogenous?
A) the price level
B) the velocity of money
C) real output
D) the money supply
E) none of the above
A
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Suppose that many people who earn a living designing apps decide they can make more money selling honey and switch occupations. How will this change affect the number of apps supplied by producers?
A. supply decreases B. supply does not change C. supply increases
Jason needs help getting ready for the next test in his economics course and would like to hire Maria, an economics tutor to help him
Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth. The equilibrium price for tutoring is $15 per hour. For how many hours of tutoring will Jason hire Maria? Why this amount of hours? What is Jason's consumer surplus, if any, from the tutoring? What is Maria's consumer surplus from the tutoring?
The marginal revenue product of land curve indicates
a. the additional output generated by an additional unit of land, other things constant b. the additional cost to the firm when it employs an additional unit of land, other things constant c. the additional profit the firm earns when it employs an additional unit of land, other things constant d. the additional revenue the firm earns when it employs an additional unit of land, other things constant e. the amount of land required to produce an additional unit of output, other things constant
Tom has a PhD in history and teaches at the local college where he earns $75,000 a year. Truth be told, Tom loves teaching so much, he would gladly do it for $45,000. Which of the following can be said?
A. The value of Tom's marginal product is $75,000. B. Tom's economic rent is worth $30,000. C. Tom's producer surplus is worth $30,000. D. All of these statements are true.