Refer to the above table. At an output of 2 units, average total costs are
A. $45.
B. $16.
C. $122.
D. $61.
Answer: D
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Which of the following people would be classified as employed in the Current Population Survey?
A) Rich, who is working 20 hours a week but wants a full-time job B) Misty, who just quit her job to return full time to school C) April, who just graduated from college and is looking for work D) Jason, who was laid off from work less than 6 months ago but who has stopped looking for work E) Laura, who is unpaid but is working 10 hours a week in the family business she and her husband run
When consumers do not reveal their true preferences, it makes the job of estimating potential benefits much more difficult
a. True b. False Indicate whether the statement is true or false
Which of the following is true of taxes?
A) Taxes drive a wedge between what buyers pay and what sellers receive. B) Business taxes generate government revenue without imposing a burden on consumers and households. C) Increases in taxes are the primary cause of inflation. D) Taxes increase the volume of mutually advantageous exchanges.
Suppose that the Home country in the twosector (manufacturing and agriculture) specificfactors model has a comparative advantage in manufactured output. Will workers be better or worse off following the opening of trade with other countries?
a. Workers will be better off because the nominal wage increases. b. Workers will be worse off because the nominal wage decreases. c. Workers may be better off or worse off because the real wage in terms of the agricultural good rises and the real wage in terms of the manufactured good falls. d. Workers may be better off or worse off because the real wage in terms of the agricultural good falls and the real wage in terms of the manufactured good rises.