A principal cause of the business cycle is the changes in total spending that occur in the overall economy
a. True
b. False
Indicate whether the statement is true or false
True
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The above table has the marginal product schedule for Nick's Dry Cleaners, a perfectly competitive dry cleaning firm
a) If the price to dry clean a blouse is $8 each, complete the last column of the table. b) If Nick can hire workers at the going wage rate of $16 an hour, how many workers does Nick hire?
Deficits and surpluses in the balance of payments are eliminated by ____ in a pure flexible exchange rate system
a. the market mechanism b. financial borrowings c. reserve movements d. changes in fiscal and monetary policies
A firm can always increase its output by one unit at a marginal cost of $10 . Its marginal cost curve is
a. a horizontal line. b. a vertical line. c. a ray with slope equal to 10. d. exactly one-tenth as steep as its total cost curve.
IndividualOpportunity CostPramilla2 units of good X to produce 1 unit of good YSam3 units of good X to produce 1 unit of good YGeorge4 units of good Y to produce 1 unit of good XLucas5 units of good Y to produce 1 unit of good XConsider the opportunity costs of producing goods X and Y that are listed for the four individuals above. Which person has a comparative advantage in producing good X?
A. Pramilla B. Sam C. Lucas D. George