The amount of goods and services that a person can produce in a given time is called
a. labor input
b. labor intensive
c. labor output
d. labor productivity
Ans: d. labor productivity
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Joe likes peanut butter and jelly sandwiches for lunch. We can conclude that for Joe the cross elasticity of demand for peanut butter with respect to jelly is
A) positive because jelly and peanut butter are substitutes. B) positive because jelly and peanut butter are complements. C) negative because jelly and peanut butter are substitutes. D) negative because jelly and peanut butter are complements.
Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. What is the cost to Firm C of eliminating 2 tons of pollution?
A. $1,300 B. $300 C. $1,500 D. $2,200 E. $3,500
The money supply is controlled by the
A) New York Stock Exchange. B) Federal Reserve System. C) stock of gold in the economy. D) President of the United States.
Mortgages with variable interest rates: a. increase the risk of expected inflation to creditors. b. increase economic efficiency. c. are offered at interest rates that can be adjusted to changes in inflation over time. d. make borrowers worse off when inflation increases
e. shift the risk of unexpected inflation from the borrower to the lender.