The use of automated teller machines (ATMs) has caused some bank tellers to lose their jobs. This is an example of
a. cyclical unemployment.
b. seasonal unemployment.
c. frictional unemployment.
d. structural unemployment.
d
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Refer to the scenario above. Which of the following will happen if Mike decides to mow his lawn by himself?
A) GDP will remain unchanged. B) Per capita income will increase. C) GDP will decrease. D) GDP will increase.
Refer to Table 6-7
a. Using the information in the table, calculate the income elasticity of demand for good X and characterize the good. Use the midpoint formula. b. Can you calculate the income elasticity of demand for good Y? If you can, show your calculation and characterize the good. If you cannot, explain why.
Wendell can sell five motor homes per week at a price of $22,000. If he lowers the price of motor homes to $20,000 per week he will sell six motor homes. What is the marginal revenue of the sixth motor home?
A) $10,000 B) $12,000 C) $20,000 D) $22,000
The rate at which a consumer is willing to trade one good for another to maintain the same level of satisfaction is affected by the
a. prices of the products. b. amount of each good the consumer is currently consuming. c. consumer's income. d. marginal value product.