What is a factor market?
A) It is a market where financial instruments are traded.
B) It is a market where resources used to produce final goods are traded.
C) It is a market where stocks and bonds are traded.
D) It is a market where producers buy consumption and capital goods.
B
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Suppose Sarah owns a small company that makes wedding cakes. The table below shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number ofCakes Per DayTotal CostPer Day0$1001$1802$2203$3004$4005$5206$660If the market for wedding cakes is perfectly competitive, and wedding cakes sell for $95 each, then Sarah should produce ________ cakes per day.
A. 6 B. 3 C. 5 D. 0
According to the classical economists, actual real GDP
A) always equals actual aggregate income. B) sometimes equals actual aggregate income. C) never equals actual aggregate income. D) is not related to aggregate income.
Total revenues
A) are defined as the quantity sold divided by price. B) are not the same as total receipts from the sale of output. C) equal gross revenues minus all expenses of the firm. D) equal the price per unit times the total quantity sold.
With which of the following responses would the Census Bureau declare the person unemployed?
a. "I am currently working full-time but my employer is going to lay me off tomorrow." b. "I am currently working part-time but I would like to work full-time." c. "I was working at two different jobs, I lost my primary job a few weeks ago, and I am searching for a new job." d. "I would love a job but I am not looking for one because I have no chance of finding one." e. "I just turned 16 and I am looking for a job."