The study of the economic behavior of individual households is included in macroeconomics
a. True
b. False
Indicate whether the statement is true or false
False
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Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of WorkersPizzas Baked Per Day00110218324430532How many workers will Joe hire if he must pay each one $25 a day?
A. 1 B. 2 C. 3 D. 4
The Heckscher-Ohlin Theorem predicts
A) who benefits and who loses from trade. B) which factors are abundant. C) the income distribution effects of trade. D) which goods will be exported. E) the importance of intraindustry trade.
Before 2000, the three most recent U.S. recessions occurred in
A) 1969-1973, 1979-1982, and 1994-1995. B) 1973-1975, 1982-1985, and 1990-1991. C) 1973-1975, 1981-1982, and 1990-1991. D) 1981-1982, 1990-1991, and 1998-1999.
When Pepsi becomes more expensive relative to other beverages, people will purchase less Pepsi. This observation is known as the:
A. diamond-water paradox. B. law of diminishing marginal utility. C. substitution effect. D. income effect.