Since 1950, recessions in the United States
A) have become less severe than before 1950. B) have become more severe than before 1950.
C) are about as severe as they were before 1950. D) have not occurred.
A
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Mary and Martha both can make cookies and cakes of the same quality, though Mary can make more of both cookies and cakes per hour than Martha. With the bake-sale quickly approaching, they want to make as many cookies and cakes as possible. In which of the following situations will the most cookies and cakes be made? a. Mary makes as many cookies and cakes as she can, while Martha does
nothing. b. Martha makes as many cookies and cakes as she can, while Mary does nothing. c. Mary and Martha both specialize in what they are better at making. d. There is not enough information.
In the figure above, what is the point price elasticity of demand when price is $60?
A. -0.50 B. -2.00 C. -1.00 D. -0.75 E. -1.60
A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. The marginal wage cost of the seventh worker is:
A. $9. B. $10. C. $15. D. $21.
Recall the Application about the attempt to form a salt cartel in the 19th century to answer the following question(s).According to the Application, what created local salt monopolies in the early 19th century?
A. high transportation costs that prevented competition B. government regulation C. local labor unions in salt mines D. high taxes on salt that crossed state borders