Sticky wages:
A. slow the process of reducing inflation.
B. speed the process of reducing inflation.
C. speed the recovery process after a recession.
D. slow the recovery process after a recession.
Ans: D. slow the recovery process after a recession.
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Attempting to answer the question of how much a life is worth is a job undertaken by
A) macroeconomists. B) forensic economists. C) economic theorists. D) environmental economists.
If a firm faces an average total cost of $100 and sells its product for $115, how much profit does it make when it sells 20 units of the product?
A) $200 B) $115 C) $300 D) $800
If society decides it wants more of one good and all resources are fully utilized, then
A) additional resource supplies will have to be found. B) it is unable to do this unless technology advances. C) it has to give up some of another good and incur some opportunity costs. D) more unemployment will occur.
If at the current level of product-specific service, consumers' value at $50 and the cost of retailers to provide the services is $55, which of the following is true?
A) the profit-maximizing level of profit-maximizing services is less than the current level B) the profit-maximizing level of profit-maximizing services is greater than the current level C) the profit-maximizing level of profit-maximizing services is exactly double the current level D) the profit-maximizing amount of product-specific services is being offered.