Token, or fiat, money is defined as:
(a) A unit of account;
(b) Money that has intrinsic value;
(c) Money that has no intrinsic value;
(d) None of the above.
Answer: (c) Money that has no intrinsic value;
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Suppose the local newspaper hires students to fold and bag newspapers for delivery and pays them $20 per shift. Five students can fold and bag 300 newspapers per shift. The fourth student added 50 newspapers to total output
The cost of the capital the firm uses is fixed at $50 per shift. a. Is the newspaper operating in the long run or short run? Why? b. What is the average product of 5 students? c. Calculate the total fixed cost, total variable cost, and total costs of folding and bagging 300 newspapers. d. Calculate the average fixed cost, average variable cost, and average total costs of folding and bagging 300 newspapers. e. What is the marginal cost of one of the 50 newspapers folded and bagged by the fourth student?
In the first years of a professional athlete's career, the athlete is "under reserve," which means that he or she cannot negotiate with other teams. This implies that, everything else equal,
A) the player's salary is probably higher than it otherwise would be. B) the player's salary is probably lower than it otherwise would be. C) the player's salary is probably the same as it otherwise would be. D) the player is not hired by the team.
The Bureau of Labor Statistics divides the adult population into four categories: employed, underemployed, unemployed, and not in the labor force
a. True b. False Indicate whether the statement is true or false
A good is classified as inferior if:
A. consumers buy less when the price rises. B. consumers buy less when income rises. C. consumers buy less when the price falls. D. consumers buy more when income rises.