Table 7-1
Workers Toys1 5212322430535?
?
?
In Table 7-1, the average physical product after five workers are hired is
?
A. 5.
B. 6.
C. 7.
D. 8.
Answer: C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
If Jacqueline is willing to accept $1 for a cupcake and Jameson is willing to pay $3 for a cupcake, the cooperative surplus will ________ if the negotiated price is $1.50 as opposed to $2.00
A) increase B) decrease C) not change D) All of the above are possibilities.
Which of the following is not a way we sometimes confuse correlation and causation?
A. Correlation without causation B. Omitted variables C. Reverse causality D. Non-linear relationships
The opportunity cost of an activity means the:
a. amount of money the activity costs. b. number of hours that is required to engage in this activity. c. expected gains by engaging in the activity. d. amount of other things that must be sacrificed in order to engage in the activity. e. expected gains minus the expected costs of engaging in the activity.