Which of the following is not a reason for the downward slope of an aggregate demand curve?
a. Real balances effect.
b. Real interest-rate effect.
c. Net exports effect.
d. All of these are reasons.
d
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A profit-maximizing restaurant owner will hire more busboys to keep more tables clean and quickly available to new customers, as long as the
a. marginal product of busboys exceeds the marginal product of other employees. b. hourly wage of busboys is lower than that of cashiers and cooks. c. marginal revenue product of busboys exceeds their wage rate. d. wage of busboys exceeds the wage of other employees.
In the fourteenth century it is estimated that deaths resulting from the bubonic plague reduced the population by about a third. Assuming diminishing returns, the decrease in population should have
a. increased productivity and real GDP per person. b. increased productivity but decreased real GDP per person. c. increased real GDP per person, but decreased productivity. d. decreased productivity and real GDP per person.
Exhibit 3-1 Market Demand
Suppose there are only three people in the economy: Jane, Harry, and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3-1. The total quantity demanded of corn if the market price is $5 is
A. 3. B. 25. C. 17. D. 26.
The combination of psychology and economics to determine individual decision making is known as
A. psychonomics. B. neuronomics. C. behavioral economics. D. positive analysis.