Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below.Hours in East OrchardNumber of Apples Per HourHours in West OrchardNumber of Apples Per Hour140110232210325310420410 What is the opportunity cost to Frank of spending an additional hour picking apples in the East orchard?
A. 40 apples
B. 30 apples
C. 20 apples
D. 10 apples
Answer: D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The extra revenue that results from hiring another worker is
A. the marginal revenue of output. B. the marginal revenue product of labor. C. the average revenue of output. D. the marginal input cost.
Price indexes:
A. let us measure how much real stuff we get for our money. B. allow us to convert nominal measures of output into real measures of output. C. like the CPI or GDP price deflator are used to measure the aggregate price level. D. All of these statements are true.
An agricultural corn market faces a positive supply shock due to a beneficial rainy season and the use of new genetically modified seeds. As a result, farmers face the largest crop harvest in decades. Which answer below explains how a farm could actually go bankrupt under this scenario
A) The elasticity of supply for corn is elastic such that a positive shock reduces total revenue. B) The demand for corn is inelastic such that a positive supply shock reduces total revenue. C) An inelastic demand curve will cause revenue to fall because price decreases by more than the increase in quantity demanded. D) B and C