Which statement is true?
A. The U.S. standard of living is higher than that of India because we have more capital.
B. It is easier to attain full production than full employment.
C. The United States often operates outside the production possibility frontier.
D. All of the statements are true.
A. The U.S. standard of living is higher than that of India because we have more capital.
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Consumer Willingness to Pay Tom $40 Dick $30 Harriet $25 The table above lists the highest prices three consumers, Tom, Dick and Harriet, are willing to pay for a short-sleeved polo shirt. If the price of one of the shirts is $28 dollars
A) Tom will buy two shirts, Dick will buy one shirt and Harriet will buy no shirts.
B) Tom will receive $12 of consumer surplus from buying one shirt.
C) Tom and Dick receive a total of $70 of consumer surplus from buying one shirt each. Harriet will buy no shirts.
D) Harriet will receive $25 of consumer surplus since she will buy no shirts.
Which of the following displays these two characteristics: nonrivalry and excludability?
A) public goods B) private goods C) quasi-public goods D) common resources
Which of the following will shift the aggregate supply curve upward?
a. A decrease in world oil prices b. Bad weather, which increases farmers' costs per unit of output c. Increases in consumer spending d. An increase in the price level e. Technological changes that improve worker productivity
If prices were rising at 5% per year during a recession, which of the following responses from firms would help facilitate the economic recovery, protect worker morale, AND reduce the firm's real labor costs?
A. A nominal wage decrease of 1% B. A nominal wage increase of 7% C. A nominal wage increase of 3% D. A nominal wage increase of 5%