Fiat money is money
a. that has little intrinsic value and is not backed by a commodity.
b. that is not included as part of the M1 money supply.
c. that is backed by gold or silver held on reserve by the government.
d. such as coins that are made from metal.
A
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When the minimum wage is set above the equilibrium wage rate, the number of hours of labor employed is determined by the ________ and the ________
A) supply of labor; minimum wage B) demand for labor; supply of labor C) supply of and demand for labor; the minimum wage D) demand for labor; minimum wage
At the equilibrium price, deadweight loss is:
a. minimized. b. zero. c. maximized. d. equal to the equilibrium price multiplied by the quantity exchanged.
A firm finds that producing 30,000 vases costs $180,000 and producing 40,000 vases costs $200,000. This pattern might be explained by:
A. diminishing marginal productivity. B. economies of scope. C. economies of scale. D. diseconomies of scale.
Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce 60 cookies together. What is the average product of the first three workers?
A. 25 cookies B. 30 cookies C. 20 cookies D. 17.5 cookies