Occupations X and Y employ persons with the same productivity. Workers in the two occupations work the same number of hours per day when on the job. Employment is stable throughout the year in X, while Y is characterized by seasonal layoffs. How will the hourly wage rate and annual earnings compare in the two occupations?
a. Both the hourly wage rate and annual earnings will be higher in X.
b. The hourly wage rate will be higher in X, but the annual earnings will be higher for Y.
c. Both the hourly wage rate and annual earnings will be higher in Y.
d. The hourly wage rate will be higher in Y, but the annual earnings will likely be higher for X.
d. The hourly wage rate will be higher in Y, but the annual earnings will likely be higher for X.
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Refer to Figure 4-9. The price buyers pay after the tax is
A) $12. B) $8. C) $5. D) $3.
If the marginal propensity to consume is 0.6, what is the value of the expenditure multiplier?
a. 1.0 b. 1.6 c. 2.0 d. 2.5 e. 6.0
By setting MR = MC, a competitive firm decides to sell 100 units when the market price is $20. The average cost of producing the 100 units is $18 per unit. If the firm has fixed costs of $500, then the firm should
a. shutdown b. expand production c. exit the industry d. increase their price
Anything of value owned by a person or a firm is
A) an asset. B) owner's yield. C) a liability. D) wealth.