Refer to Figure 11-1. The average product of the 4th worker
A) is 68. B) is 17.
C) is 11. D) cannot be determined.
B
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A college graduate in 1972 found a job paying $7,200. The CPI was 0.418 in 1972. A college graduate in 2005 found a job paying $30,000. The CPI was 1.68 in 2005. The 1972 graduate's job paid ________ in nominal terms and ________ in real terms than the 2005 graduate's job.
A. more; more B. more; less C. less; more D. less, less
Suppose the cross-price elasticity of demand between quinces and muskmelons is 5 . Which of the following must be true?
a. Quinces are normal goods. b. Muskmelons are normal goods. c. If the price of quinces rises by $5, the demand for muskmelons will increase by 1. d. If the price of muskmelons rises by $5, the demand for quinces will increase by 1. e. Quinces and muskmelons are substitutes.
If the short-run Phillips curve is steep, the inflationary costs of using expansionary policy to reduce unemployment would be substantial
a. True b. False Indicate whether the statement is true or false
A British importer buying American wheat would pay for his purchases in __________.
Fill in the blank(s) with the appropriate word(s).