Which of the following is an input to the production process?
A) a janitor's time
B) a cement mixer
C) Both A and B
D) None of the above.
C
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From 1837 and up until the Civil War, the United States adhered to a
A) gold standard. B) silver standard. C) bimetallic standard. D) bronze standard. E) copper standard.
The opportunity cost of the U.S. producing tea or coffee is measured by the value of the foregone production alternative—manufacturing or staples
Indicate whether the statement is true or false
Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
a. Diane's wage b. Sam's time c. Diane's tips d. Sam's tips e. both Diane's and Sam's tips
Prior to the Great Depression, most economists believed that a recessionary downturn would be reversed by
a. higher wages that would stimulate aggregate demand and reduce unemployment. b. lower wages that would increase the quantity of labor demanded and reduce unemployment. c. an expansionary monetary policy on the part of the Federal Reserve System. d. an increase in government spending that would stimulate aggregate demand and employment.