Health problems prevent people from working harder, which can lower a country's total income. This indicates that in effect, health problems
A) shift a country's production possibilities frontier inward.
B) increase the incentive to work.
C) decrease consumer surplus.
D) are a primary cause of price decreases.
A
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John keeps beehives and sells 100 quarts of honey per month. The honey market is perfectly competitive, and the price of a quart of honey is $10. John has an average variable cost of $5 and an average fixed cost of $3
At 100 quarts per month, John's marginal cost is $10. a) Is John maximizing his profit? If not, what should John do? b) Calculate John's total revenue, total cost, and total economic profit or economic loss when he produces 100 quarts of honey.
Everything else held constant, in the market for reserves, when the federal funds rate is 3%, increasing the interest rate paid on excess reserves from 1% to 2%
A) lowers the federal funds rate. B) raises the federal funds rate. C) has no effect on the federal funds rate. D) has an indeterminate effect on the federal funds rate.
In recent years, the average prison sentence for managers convicted of violating the Sherman Act is ________ years.
A) five B) two C) three D) ten
Americans would probably be supportive of
a. strict controls on hours of work. b. limits on income potential. c. mandatory work limits. d. loose controls on economic activities.