If Macland’s growth rate is consistently 8 percent, how many years will it take to double its standard of living?
a. 2 years
b. 8 years
c. 9 years
d. 12 years
c. 9 years
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After a drop in nominal aggregate demand, if menu costs prevent firms from reducing prices, this is considered ________ act by firms ________ a "macroeconomic externality."
A) a rational, because it produces B) a rational, that happens to produce C) an irrational, because it produces D) an irrational, that happens to produce
Suppose the demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the point price elasticity of demand equals
A) -1.5. B) -0.67. C) -4. D) -2.5.
Ziva is an organic lettuce farmer, but she also spends part of her day as a professional organizing consultant. As a consultant, Ziva helps people organize their houses. Due to the popularity of her home-organization services, Farmer Ziva has more clients requesting her services than she has time to help if she maintains her farming business. Farmer Ziva charges $25 an hour for her
home-organization services. One spring day, Ziva spends 10 hours in her fields planting $130 worth of seeds on her farm. She expects that the seeds she planted will yield $300 worth of lettuce. Ziva's accounting profit from farming equals a. $-80. b. $130. c. $170. d. $260.
What is a four-firm concentration ratio, and how is it used?
What will be an ideal response?