In general, individuals and nations should specialize in producing goods ________ other individuals or nations.
A. for which they have a lower opportunity cost compared to
B. that they can produce less quickly than
C. for which they have a higher opportunity cost compared to
D. that they can produce more quickly than
Answer: A
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Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of WorkersPizzas Baked Per Day00110218324430532How many workers will Joe hire if he must pay each one $35 a day?
A. 1 B. 2 C. 3 D. 4
If the money multiplier is 2.4 and the Fed buys $8 million in securities on the open market, transaction deposits could potentially
A) decrease by $16.5 million. B) increase by $8 million. C) decrease by $19.2 million. D) increase by $19.2 million.
Suppose that monopolistically competitive firms in a certain market are earning positive profits. In the transition from this initial situation to a long-run equilibrium,
a. the number of firms in the market decreases. b. each existing firm experiences a decrease in demand for its product. c. each existing firm experiences a rightward shift of its marginal revenue curve. d. each existing firm experiences an upward shift in its average total cost curve.
Last year a country had 800 workers who worked an average of 8 hours and produced 12,800 units. This year the same country had 1000 workers who worked an average of 8 hours and produced 14,000 units. This country's productivity was
a. higher this year than last year. A possible source of this change in productivity is a change in the size of the capital stock. b. higher this year than last year. A change in the size of the capital stock does not affect productivity. c. lower this year than last year. A possible source of this change in productivity is a change in the size of the capital stock. d. lower this year than last year. A change in the size of the capital stock does not affect productivity.