In the early 1900s, Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line. What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?
A) It shifted down. B) It became flatter. C) It shifted up. D) It became linear.
C
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If a bottle of fine French wine costs US$250 in the U.S., 2500 rand in South Africa, there are no transaction costs, and the exchange rate is 5 rand/US$, then
A) there is an arbitrage opportunity by buying the wine in the U.S., and selling it in South Africa and the price in South Africa will drop. B) there is an arbitrage opportunity by buying the wine in South Africa., and selling it in the U.S. and the price in the U.S. will drop. C) here is an arbitrage opportunity by buying the wine in South Africa., and selling it in the U.S. and the price in the U.S. will rise. D) there is no arbitrage opportunity.
The degree of wage stickiness in the real world:
A. is controversial, even among economists. B. is agreed upon by economists, but not accepted by others, like policymakers. C. is agreed upon by economists as a concept, but controversial in how it's measured. D. has been estimated by economists.
Suppose the governor of California has proposed increasing toll rates on California's toll roads, and has presented two possible scenarios to implement these increases. Following are projected data for the two scenarios for the California toll roads:
Scenario 1: Toll rate in 2015: $10.00. Toll rate in 2019: $22.50 For every 100 cars using the toll roads in 2015, only 81.6 cars will use the toll roads in 2019. Scenario 2: Toll rate in 2015: $10.00. Toll rate in 2019: $17.50 For every 100 cars using the toll roads in 2015, only 96.2 cars will use the toll roads in 2019. a. Using the midpoint formula, calculate the price elasticity of demand for Scenario 1 and Scenario 2. b. Assume 10,000 cars use California toll roads every day in 2015. What would be the daily total revenue received for each scenario in 2015 and in 2019? c. Is demand under Scenario 1 and under Scenario 2 price elastic, inelastic, or unit elastic. Briefly explain. (For above questions, assume that nothing other than the toll change occurs during the time frame listed that would affect consumer demand.) What will be an ideal response?
The largest single transfer program at the federal level is unemployment insurance.
Answer the following statement true (T) or false (F)