Which of the following is an example of a capital resource?
a. redwood trees
b. unskilled labor
c. stocks and bonds
d. an oil rig
d
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For a fixed target real interest rate and target inflation rate, when inflation decreases, the Fed ________ interest rates, hence ________ short-run equilibrium output.
A. increases; increasing B. decreases; decreasing C. decreases; increasing D. increases; decreasing
The figure above shows the supply curve for soda. The market price is $1.00 per soda. The producer surplus from the 20,000th soda is
A) $0.00. B) $0.50. C) $1.00. D) more than $1.00. E) None of the above answers is correct.
The optimal number of trucks is
Consider the following production function for a delivery service.
Each delivery generates $200 in gross revenue, and the tax rate is 10 percent on profits. Each truck costs $11,000.
a) 1
b) 2
c) 3
d) 4
e) 5
A change in the average price level is called ________, while a change in the price of a specific good in comparison with other goods and services is called ________.
A. inflation; a change in a relative price B. a change in a relative price; inflation C. a price level adjustment; a quality adjustment D. a quality adjustment; a substitution bias