If a worker receives a fixed payment of $100 plus $10 for every hour she works, what is the maximum total earnings the worker can receive if she is restricted to a maximum of 12 hours of work per day?
A. $125
B. $220
C. $120
D. $340
Answer: B
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Economists assume that individuals make informed decisions and act in their own self-interest
Indicate whether the statement is true or false
The above figure shows the demand curve for movie rentals from Redbox. If Redbox lowered its price from $2.00 to $1.50, then total revenue would ________ because demand is ________
A) decrease; elastic B) increase; elastic C) decrease; inelastic D) increase; inelastic
If the purchasing power of the dollar is less than the purchasing power of the British pound, purchasing power parity predicts that the exchange rate will
A) decrease if the exchange rate is less than 1 pound per dollar. B) be equal to the relative purchasing power across the currencies in the long run. C) increase if the exchange rate is greater than 1 pound per dollar. D) All of the above are correct.
Since the 1950s
A) U.S. business cycle fluctuations have become milder. B) U.S. business cycle fluctuations have not changed. C) U.S. business cycle fluctuations have becomes more volatile. D) the United States has not experienced a business cycle.