When Lonnie produces 1 pair of cowboy boots his costs total $300. When he produces 2 pairs of cowboy boots his total costs are $500. This means that Lonnie's marginal cost of producing the second pair of cowboy boots is $200.
Answer the following statement true (T) or false (F)
True
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Which of the following is the central bank of the United States?
A) Comptroller of the Currency B) Treasury Department C) Federal Reserve System D) Office of the Budget
Assortative mating results in
A) many people being able to marry their way out of poverty. B) wealth becoming more concentrated among families. C) the Lorenz curve moving rightward closer to the line of equality. D) people marrying at a later age.
"If A occurs then B will follow" is a
A) positive statement. B) normative statement. C) non-testable statement. D) statement lacking in logic.
Suppose that a labor union leader is trying to bargain for an increase in union workers' real wages of 5 percent. If he expected the price level to rise at a rate of 3 percent this year, how much would nominal wages need to increase for him to accomplish his objective?
a. 2 percent b. 3 percent c. 5 percent d. 8 percent e. 15 percent