If the credits for a principles of economics section is three units and an instructor teaches two sections with 100 students in each and tuition and fees at your university are $100 per unit. If the instructor is paid $ 20,000 to teach both classes, should the university hire the instructor?
A. Yes, the MRP of the instructor is higher than the wage.
B. Yes, the wage is higher than the instructor's MRP.
C. Yes, the MRP of the instructor is lower than the wage.
D. No, the wage is higher than the instructor's MRP.
Answer: A
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Which of the following statements is true?
a. The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making. b. In capitalism income is distributed on the basis of need. c. Adam Smith was the father of socialism. d. Most real-world economies are mixed economic systems. e. The "invisible hand" refers to government economic control.
During 2003-2007, the price of crude oil increased substantially on the world market. Other things constant, how will an unanticipated increase in oil prices influence the general level of prices and real output of oil-importing nations such as the United States and Japan?
a. Both real output and the general level of prices will decrease. b. Both real output and the general level of prices will increase. c. Real output will increase, and the general level of prices will decrease. d. Real output will decrease, and the general level of prices will increase.
When demand is inelastic, a decrease in price will cause
a. an increase in total revenue. b. a decrease in total revenue. c. no change in total revenue but an increase in quantity demanded. d. no change in total revenue but a decrease in quantity demanded.
Savings are an example of
A) a depreciation concept. B) a flow concept. C) a stock concept. D) an investment concept.