Which of the following would DECREASE the demand for tennis balls?
A. A decrease in average household income when tennis balls are a normal good
B. An increase in the cost of producing tennis balls
C. A decrease in the price of tennis rackets
D. An increase in the price of tennis balls
Answer: A
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The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A. ME = 50Q + 10,000 B. ME = 100Q + 10,000 C. ME = 200Q + 500 D. ME = 250Q + 500
Mallory Trammell is a homemaker. Last week, she was busy with her normal household chores. She is:
a. a member of the civilian labor force who is employed. b. a member of the civilian labor force who is unemployed. c. a member of the civilian labor force who is underemployed. d. a discouraged worker who is not a member of the labor force. e. not a member of the labor force.
Uncoordinated decisions in perfect competition lead to mass confusion and inefficiency.
Answer the following statement true (T) or false (F)
If $1 is worth .8 Canadian dollars, then 1 Canadian dollar is worth:
A. $1.25. B. $1.80. C. $0.20. D. $0.80.