In the circular flow model, there are two types of markets: the ________ market and the ________ market
A) goods; factor
B) supply; demand
C) households; firms
D) producers; consumers
E) service; goods
A
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What are the information costs faced by savers?
What will be an ideal response?
The unemployment rate measures: a. unemployed workers as a percentage of the population
b. unemployed workers as a percentage of the population over the age of sixteen. c. unemployed workers as a percentage of the labor force. d. the number of people unemployed divided by the number of people employed.
Robin owns a horse stables and riding academy and gives riding lessons for children at "pony camp.". Her business operates in a competitive industry. Robin gives riding lessons to 20 children per month. Her monthly total revenue is $4,000 . The marginal cost of pony camp is $200 per child. In order to maximize profits, Robin should
a. give riding lessons to more than 20 children per month. b. give riding lessons to fewer than 20 children per month. c. continue to give riding lessons to 20 children per month. d. We do not have enough information to answer the question.
As an In-N-Out Burger restaurant increases the number of employees for a specific restaurant,
A. The production function will increase. B. Costs of production will fall. C. Efficiency will suffer as the restaurant becomes too crowded with employees. D. Total production of hamburgers will fall.