If the economy were at full employment and is producing at point Y,
A. the unemployment rate would increase.
B. the unemployment rate would decrease.
C. the production possibilities frontier would have shifted inward.
D. the production possibilities frontier would have shifted outward.
C. the production possibilities frontier would have shifted inward.
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The technology associated with manufacturing computers has advanced enormously. This change has led to the price of a computer ________ and the quantity ________
A) rising; increasing B) rising; decreasing C) falling; increasing D) falling; decreasing E) falling; not changing
The owner of a local restaurant comes to you for help. He needs to know whether or not he should increase the price of the meals he serves. To answer his question, what information would you like to know?
What will be an ideal response?
If the marginal revenue product of the fifth worker hired by a firm is $15 and the price of a unit of output is $5 regardless of how much is sold, then the marginal product of the fifth worker is
a. 15 units of output b. 5 units of output c. 3 units of output d. 45 units of output e. 75 units of output
Explain why each of the following is considered an economic issue:
a. whether to spend Saturday afternoon at a football game b. obtaining tickets to a U2 concert c. your university considers your application for one of 25 available scholarships