Economists develop theories of the ______________ of individuals (consumers, workers) and institutions (businesses, governments) engaged in the production, exchanged, and consumption of goods and services.
a. behavior
b. demand
c. interest
d. investment
a. behavior
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Refer to the table below. What is Crunchy Fruits total marginal cost to produce 11,750 units?
Crunchy Fruits makes dried fruit snacks. Crunchy Fruits has a multi-plant firm with two production facilities. The table above summarizes the marginal cost of production at the individual plants and the corresponding quantity produced at the individual plants.
A) $2.00
B) $2.25
C) $3.25
D) $1.25
An increase in the income tax rates:
a. makes the labor supply curve more inelastic. b. increases the opportunity cost of leisure. c. lowers the opportunity cost of leisure. d. shifts the labor supply curve to the right. e. shifts the labor demand curve to the right.
Tucker Corporation sells its product for $5.00. Tucker's industrial engineers have informed management that hiring one additional worker will increase output by five units per hour. Tucker should hire the additional worker only if the wage rate is:
A. $5.00 or less per hour. B. $1.00 or more per hour. C. $25.00 or less per hour. D. more than $25.00 per hour.
In the simple circular flow model:
A. households are buyers of resources. B. businesses are sellers of final products. C. households are sellers of final products. D. there are real flows of goods, services, and resources, but not money flows.