Which economist argued that free markets unleashed the "animal spirits" of entrepreneurs, propelling innovation, technology, and growth?
A. John Maynard Keynes.
B. Kenneth Olsen.
C. Lord Kelvin.
D. Irving Fisher.
Answer: A
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An index based on a mail survey of 5,000 households by the Conference Board that measures households' perceptions of general business conditions, available jobs in the households' local area, and expected personal family income in the coming six
months is called the: A) Consumer Sentiment Index. B) Consumer Confidence Index. C) Consumer Satisfaction Index. D) Consumer Consumption Index.
What's the firm's current contribution margin?
a. $15 b. $18 c. $3 d. $4
Given the scenario described, if the market price of hammers increased from $8 to $14, total producer surplus would:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. increase from $8 to $14. B. increase from $1 to $12. C. decrease from $14 to $8. D. increase from $7 to $30.
Which of the following would tend to shift the production function upward?
a. an increase in the number of hours worked b. an increase in population c. an increase in the size of the labor force d. an increase in the level of technology