Refer to the table above. What is the average (mean) monthly wage?
A) $450
B) $558
C) $612
D) $650
B
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The difference between consumption and capital goods is that
A) only big corporations can afford capital goods. B) capital goods are used to produce additional goods while consumption goods are not. C) capital goods are provided by the government. D) consumption goods can be enjoyed by many people at the same time. E) it is illegal to export capital goods.
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 If Smith and Jones are dividing their time efficiently and producing more than 10 computers and fewer than 120 calculators per hour, then Smith will ________ and Jones will ________.
A. split his time between computers and calculators; produce only computers B. produce only computers; split his time between computers and calculators C. produce only calculators; produce only computers D. produce only computers; produce only calculators
Which of the following is a characteristic of a monopolistically competitive market?I.Firms sell differentiated products.II.Each firm earns a positive economic profit in the long run.III.Firms freely enter and exit the market.
A. II only B. I and II only C. I and III only D. I, II, and III
The value of the balanced-budget multiplier is
A. 1. B. greater than 1. C. greater than 0 but less than 1. D. 0.