Producers and consumers drive the economy of a
a. Communist economic system
b. market economic system
c. command economic system
d. traditional economic system
Ans: b. market economic system
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"In order for Charlie Trotter's, an upscale restaurant in Chicago, to maximize profit from the employment of chefs, the restaurant should hire chefs up to the point where the value of marginal product equals the wage rate for chefs"
Is the statement correct or incorrect?
Along an indifference curve for goods X and Y, the vertical and horizontal axes measure the:
a. prices of X and Y. b. total utilities of X and Y. c. quantities of X and Y. d. marginal utilities of X and Y.
Fixing exchange rates reduces
a. the demand for currency b. the quantity demanded of currency c. the supply of currency d. the quantity supplied of currency e. uncertainty associated with international trade
As the information technology advances and consumers buy products requiring more and more technology, the wages of people with high level programming and other technical skills would