In the figure above, which of the following represents a real flow of a factor of production?
A) Labor
B) Wages
C) Goods bought
D) Services sold
E) Firms' expenditures on factors of production
A
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Which of the following is the best example of a short-run adjustment?
A) Toyota builds a new assembly plant in Texas. B) Smith University completed negotiations to acquire a large piece of land to build its new library. C) Your local Wal-Mart hires two more associates. D) A local bakery purchases another commercial oven as part of its capacity expansion.
Which of the following is an example of cyclical unemployment?
a. A recent college graduate still looking for her first job b. A car salesman who loses his job because of a recession c. A ski instructor who is out of work during the summer d. An economics journalist who just quit her writing job in order to begin a new career as a college professor next month e. A worker displaced from his factory job because of greater mechanization in the workplace
Major shocks occasionally strike a country's economy. List the types of shock that may occur and discuss the effects of these exogenous changes on a country that has a floating exchange rate.
What will be an ideal response?
Suppose you could measure the value in monetary terms for the following three things that you could do with your time this Friday evening: a) doing your homework - $50, 2) spending time with your friends - $40 or c) taking a nap - $30
Armed with only this information which activity has the lowest opportunity cost? Which two activities have the same opportunity cost? Based on what you have discovered what is the best use of your time and why?