Which of the following is a fixed cost of preparing meals?
a. dishwasher detergent
b. chicken
c. salad
d. a microwave oven
e. electricity
D
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If the firm hires 8 workers, the total amount of fixed costs equals
a. $6200 b. $1000 c. $600 d. $1200
You lose your job and, as a result, you buy fewer iTunes music downloads. This shows that you consider iTunes music downloads to be a(n) a. luxury good
b. inferior good. c. normal good. d. complementary good.
Prior to World War II,
a. the growth of real GDP was more stable than has been the case since the war. b. the growth of real GDP was less stable than has been the case since the war. c. unemployment seldom exceeded 4 percent of the labor force. d. double-digit swings in real GDP during a single year were unheard of.
Because it is generally difficult for economists to user experiments to generate data, what must they generally do?
a) do without data b) use whatever data the world gives them c) select a committee of economists to make up data for all economists to use d) use hypothetical, computer-generated data