If society produces at a point inside the production possibilities frontier, it is characterized by full employment of resources
a. True
b. False
Indicate whether the statement is true or false
False
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If a university expects $160,000 in ticket revenue from five home football games and $180,000 in ticket revenue if it adds a sixth game, the
A) marginal revenue of the sixth game is $20,000, B) marginal revenue of the sixth game is $30,000. C) sixth game will cost more than each of the previous five games. D) university should add a sixth game only if the average cost of a game is less than $30,000.
Increases in ________ typically lead to decreases in consumption
A) the interest rate B) disposable income C) autonomous consumption D) all of the above E) none of the above
If a firm takes the wage as given, then the supply curve of labor to that firm is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
Gage sells lumber to the archery industry, and he has to haul it to his buyers on his flatbed truck. His contract states that if the price of fuel for his truck increases his overall costs by a certain percentage, the price he gets for his lumber will automatically increase by the same percentage. This is an example of ______.
a. disinflation b. stagflation c. indexing d. anchoring