If Eric expects to earn more income next month, he may choose to
a. save more now and spend less of his current income on goods and services.
b. save less now and spend more of his current income on goods and services.
c. decrease his current demand for goods and services
d. decrease his current demand for goods and services.
c
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Use the following figure to answer the question below.
The combination of sixty-five pounds of corn and fifteen pounds of green beans is
A. not efficient. B. not attainable but efficient. C. attainable and inefficient. D. not attainable.
The marginal product of labor (MPL) can be calculated from the following ________
A) the labor share of income and the average output per unit of labor B) the labor share of income and average labor per worker C) output and labor D) the labor share of income and output E) none of the above
Suppose a change takes place and the new equilibrium is at point A in the above figure. This change could have been caused by
A) an increase in the per-unit tax on CDs. B) a decrease in the income of consumers. C) a reduction in the wages paid to workers in the CD industry. D) a reduction in the price of CD players.
Which of the following transactions would be included in GDP for 2015?
a. In February 2015, Amanda sells a 2009 Hyundai to Isabella. b. In March 2015, Amanda buys a ticket to visit a zoo in Florida. She visits the zoo in February 2016. c. In November 2015, Isabella eats onions that she harvested from her backyard garden in October 2015. d. All of the above are correct.