The government agency that makes sure that customers' money is safe if a bank fails:
a. Ponzi Depository
b. FDIC
c. Federal Reserve
d. NASDAQ
Ans: b. FDIC
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A firm is currently producing 200 units of output using 60 hours of labor and 80 hours of capital. The marginal product of labor is 12 units of output per hour, and the marginal product of capital is 15 units of output per hour. If the wage rate is $6 per hour and the rental rate is $3 per hour, then
a. the firm's use of labor and capital is cost-efficient. b. the firm should use more labor and less capital. c. the firm should use more capital and less labor. d. we cannot determine if the firm's use of inputs is efficient without more information.
Consider the above table. Assuming the government imposes a price floor on garbanzo beans of $8, what would be the likely result?
A) a surplus of 2000 garbanzo beans B) a shortage of 2000 garbanzo beans C) No change, equilibrium would prevail. D) The quantity demanded of garbanzo beans would fall to zero.
The branch of economic theory that analyzes decisions about education and training is
a. welfare economics. b. equilibrium analysis. c. human capital theory. d. consumption theory.
Which of the following is likely to have the most price elastic demand?
a. lattés b. doctor's visits c. eggs d. natural gas