Why are beef and leather complements in production?
a. The production of one enables the production of the other.
b. They both can be produced using the same technology.
c. They both can be used by consumers for the same purposes.
d. The production of one negates the production of the other.
a. The production of one enables the production of the other.
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Based on the following data for the country of Tiny Town, the unemployment rate equals Population = 100 Labor force = 80 Number of employed persons = 70 Number of discouraged workers = 5
A) 10/100 × 100. B) 10/80 × 100. C) 15/80 × 100. D) 5/70 × 100.
If the Fed wishes to increase the money supply then it should:
a. increase the required reserve ratio. b. increase the discount rate. c. buy government securities on the open market. d. do any of these.
Whenever MC of the last unit produced of a good is greater than its MU, society can benefit from decreasing the output of that good.
Answer the following statement true (T) or false (F)
Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his marginal rate of transformation of food for shelter?
A) -5 B) -50 C) -.02 D) None of the above.