Both monetary policy and fiscal policy shift the aggregate demand curve.
a. true
b. false
b. false
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The above table has the total product schedule for Joe's Barber Shop. Joe charges $6 per haircut. If the wage rate is $24 per worker, what quantity of labor will maximize profits?
A) 1 worker B) 2 workers C) 4 workers D) 5 workers
According to Alfred Chandler (1977), big business could be justified, at least in part, by the ability of large scale enterprises to take advantage of scale economies
Indicate whether the statement is true or false
One reads the following in a newspaper: "Today the president and Congress agreed to impose new restrictive quotas on Japanese cars coming into the country." As a result, an economist would predict that the
A) supply of cars in the country will remain the same and the (average) price of cars will fall. B) supply of cars in the country will fall and the (average) price of cars will rise. C) supply of cars in the country will rise and the (average) price of cars will fall. D) demand for cars in the country will fall and the (average) price of cars will rise. E) demand for cars in the country will rise and the (average) price of cars will rise.
What do economists call the per-unit cost of operation?
a. average total cost b. average fixed cost c. average variable cost d. average sunk cost