Refer to the below table. The resource demand data indicate that the firm is:
A. Buying its resource in an imperfectly competitive market
B. Buying its resource in a perfectly competitive market
C. Selling its product in a perfectly competitive market
D. Selling its product in an imperfectly competitive market
C. Selling its product in a perfectly competitive market
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Traditional classical economists believe that: a. wage rates are perfectly flexible. b. people do not have perfect information about the economy. c. prices are fixed for long periods of time. d. the price of resources, technology, and expectations cannot influence the equilibriumlevel of real GDP
e. changes in aggregate demand change only the real GDP.
Which of the following is a correct conclusion regarding the successful implementation of fiscal policy?
a. Successful fiscal policy would be easy to achieve if Congress would stay out of the economy and permit natural market forces to restore full-employment equilibrium. b. Successful fiscal policy is difficult to achieve because in the real world the investment, net exports, and consumption schedules are constantly shifting. c. Successful fiscal policy is much easier to achieve today because econometric models make economic forecasting much easier. d. As the income-expenditure model suggests, fiscal policy planners can move GDP to any level they please by changing tax and spending levels.
For which of the following individuals would the opportunity cost of going to college be highest?
a. a promising young mathematician who will command a high salary once she earns her college degree b. a student with average grades who has never held a job c. a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree d. a student who is the best player on his college basketball team, but who lacks the skills necessary to play professional basketball
Amy became a tour guide at a national park and was paid $20 per hour to conduct four two-hour tours per day. Each tour generated $400 in revenues for the park. Which of the following shows the marginal resource cost associated with Amy’s labor?
a. $20 hourly rate b. $360 profit per tour c. $1600 revenues per day d. $800 wages per week