Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 The opportunity cost of moving one miner from Mother Lode to another mine is:
A. 2 tons per day.
B. 1 ton per day.
C. 3 tons per day.
D. 4 tons per day.
Answer: D
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The following table is for a purely competitive market for resources.Number of WorkersTotal ProductProduct Price00$311632263334344035443At a wage rate of $23 per worker, the firm will choose to employ
A. 2 workers. B. 3 workers. C. 4 workers. D. 5 workers.
Given the equations for C, I, G, and NX below, what is the marginal propensity to save?
C = 1,000 + 0.8Y I = 1,500 G =1,250 NX = 100 A) 0.2 B) 0.8 C) 1.8 D) 10
To compare the purchasing power of nominal wages in two different years, one must:
A. increase both quantities by the same percentage increase in a price index. B. deflate both quantities by a common price index. C. compare the nominal values. D. adjust both quantities by the real interest rate.
The Phillips curve implies a positive relationship between inflation and unemployment.
a. true b. false