Phoenix furniture uses 12 workers, each working eight hours, to produce 192 rocking chairs. What is Phoenix's productivity?
a. 192 rocking chairs
b. 24 rocking chairs per hour
c. 2 rocking chairs per hour
d. 2 hours per rocking chair
c
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Susan just sold her text books for $200 cash and deposited the cash she received in her checking account. This transaction has
A) increased the quantity of M1. B) decreased the quantity of M1. C) increased the quantity of M2. D) decreased the quantity of M2. E) not changed either M1 or M2.
Suppose tastes for consumption now and consumption in the future have constant elasticity of substitution. It may then be the case that a tax on interest income is efficient even if savings (defined as current income not consumed) fall in response to the tax.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A) Consumers will buy a product only if it meets a need not met by competing products. B) Consumers will buy a product only if its price is below that of its competitors. C) Sheer chance often plays a significant role in the success or failure of a business. D) Input prices are one of the success factors that firms can control.
The economizing problem is:
A. the need to make choices because economic wants exceed economic means. B. how to distribute resources equally among all members of society. C. that people's means often exceed their wants. D. that people do not know how to rationally allocate resources.