In the above table, if the marginal revenue product is $26, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A. 5; $16
B. 6; $30
C. 4; $16
D. 5; $18
Answer: D
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Donuts and coffee are complements. When the price of a donut increases, the demand for coffee ________ and the cross elasticity of demand for coffee with respect to the price of a donut is ________
A) decreases; negative B) increases; negative C) increases; positive D) decreases; positive
Compared to the other tools the Fed uses to change the money supply, the discount window is used:
A. less often than open market operations, but more often than the reserve requirement. B. more often than open market operations and the reserve requirement. C. about the same as open market operations, but more often than the reserve requirement. D. more often than open market operations, and about the same as the reserve requirement.
Refer to Figure 6.4. If the price of computers is $1,000, then expenditures on computers is represented by the area:
A. c + d
B. c
C. b + c
D. a + b + c
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. Jesse's opportunity cost of painting one snowboard is painting:
A. 1/8 of a kite. B. 1.5 kites. C. 8 kites. D. 12 kites.