In a foreign exchange market diagram with pesos per dollar on the vertical axis, the quantity of __________ would be on the horizontal axis, and the U.S. demand for Mexican goods would help to determine the __________ curve
A) dollars; demand
B) dollars; supply
C) pesos; demand
D) pesos; supply
B
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A sharp increase in the divorce rate increases the number of lawyers hired to determine divorce settlements. This will
A) decrease GDP and increase well-being in the economy. B) decrease GDP and decrease well-being in the economy. C) increase GDP and decrease well-being in the economy. D) increase GDP and increase well-being in the economy.
Initially a firm pays a wage and gets an output per worker which are given index numbers of 1.00. Five possible 3 percent increases in the wage and the accompanying output per worker are as follows:
1.03 and 1.09, 1.06 and 1.17, 1.09 and 1.24, 1.13 and 1.29, 1.16 and 1.31. What is the efficiency wage? A) 1.03 B) 1.06 C) 1.09 D) 1.13 E) 1.16
With an increase in total factor productivity in the Solow growth model,
A) output decreases temporarily and returns to the previous steady state. B) output increases temporarily and returns to the previous steady state. C) the economy reaches a steady state with higher output. D) the economy reaches a steady state with lower output.
The product price is $10 per unit and the cost per worker is $540. How many workers will the firm employ?
A profit-maximizing firm operates in purely competitive product and resource markets, with the following resource and production schedules.
A. 4
B. 5
C. 6
D. 7