A specialized worker doesn't spend time switching from one task to another. This source of productivity increase is called
A) functionality. B) continuity. C) innovation. D) repetition.
B
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The wages of professional athletes
a. are related to demand for their services. b. include substantial economic rents. c. are high because of scarcity. d. All of the above are true.
The combination of high unemployment and high inflation is termed
A. reflation. B. stagflation. C. depression. D. unflation.
Recall the Application about the economics professor who caught three students cheating on their final exam to answer the following question(s).Recall the Application. After being caught cheating, the economics professor called each student into his office individually. Each student was given two options: 1. If the student confessed, he or she would receive a zero on the final exam but suffer no other consequences. 2. If the student did not confess, he or she would go before the Office of Student Judicial Affairs, and any confessions by the other two students would be used as evidence. Based on the prisoners' dilemma, how many of the three students would be expected not to confess?
A. 0 B. 1 C. 2 D. 3
Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what price should it charge per unit of output so as to maximize its profits?
A. $4.00 B. $3.50 C. $3.00 D. $2.50