Price controls usually enhance efficiency in the allocation of resources
a. True
b. False
Indicate whether the statement is true or false
False
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Rufus runs a skunk-skinning service in West Virginia. He employs skinners at a wage rate of $240 a week for each one. He leases the shack where his workers work for $200 per week. The rent is fixed for the next two years
Last week his 10 employees managed to skin a total of 300 skunks. a. What is the average product of labor for Rufus's company? b. What is Rufus's total variable cost per week? c. What is the average variable cost for Rufus's company? d. If Rufus adds his brother Jethro to his staff, at a wage rate of $240 a week, and his company can now skin 310 skunks per week, what is Rufus's new average variable cost?
Average physical product measures the output per unit of input
a. True b. False Indicate whether the statement is true or false
The full minutes of FOMC meetings are
A) released to the public immediately after the meeting. B) released to the public only after the next meeting. C) never released to the public. D) always geared towards controlling inflation.
Because exports are less than imports,
a. net exports are positive. b. net exports are a positive percentage of GDP. c. net exports are a negative percentage of GDP. d. the federal government has a budget surplus.