Using the above table, what is the average product of labor when Jefferson's Cleaners employs six workers?
A) 11 suits per day
B) 12 suits per day
C) 13 suits per day
D) 14 suits per day
D
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Refer to the scenario above. If there is fairness penalty of $12, ________
A) this game will no longer have a Nash equilibrium B) this game will have two Nash equilibria C) Nash equilibrium will occur when both of you choose "friend" D) Nash equilibrium will occur when both of you choose "foe"
The fungibility of money means that
A. the categories people create to organize their expenditures are meaningless in financial terms. B. people often create false distinctions between categories of debt. C. thinking large, one-time expenses should be paid off over a period of time, while everyday expenses should come out of your checking account, is irrational. D. All of these statements are true.
An inflationary output gap is defined to be when the current level of output is:
A. below full employment GDP. B. above full employment GDP. C. equivalent to full employment GDP. D. high enough to cause an unexpected amount of inflation.
Both price and quantity will increase when there is a(n)
a. increase in demand. b. decrease in demand. c. increase in supply d. decrease in supply.