If the firm hires 5 workers, the total amount of fixed costs equals
a. $250
b. $50
c. $200
d. $1200
b
Economics
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All else constant, if the central bank wants to slow the pace at which the economy is expanding, it should increase interest rates
Indicate whether the statement is true or false
Economics
If a good is price elastic, a decrease in price will:
A) decrease total revenue. B) increase total revenue. C) not affect revenue. D) none of the above.
Economics
Rent controls are an example of a
A) price floor. B) price ceiling. C) price floor for the consumer and a price ceiling for the producer. D) nonprice rationing device.
Economics
Because households have limited incomes, they must
a. rarely take vacations b. live below the poverty line c. allocate their spending carefully d. gamble in casinos frequently e. save for the future
Economics