If 40,000 worker-hours produced a total output of $600,000 in an economy, then the labor productivity is:
A. $10/worker-hour
B. $15/worker-hour
C. $24/worker-hour
D. $240/worker-hour
B. $15/worker-hour
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In the scenario above, the market is
A) a natural duopoly. B) a natural oligopoly with three firms. C) a natural monopoly. D) monopolistically competitive.
The greater the magnitude of the external benefits of production, a. The larger is the deadweight loss from underproduction
b. The greater would be the optimal subsidy. c. The further the private market solution ignoring those benefits would deviate from the socially efficient level of output. d. All of the above are true
Which of the following statements captures the meaning of transitivity of preferences?
a. If A is preferred to B, then B is less preferred than A. b. If A is preferred to B, and B is preferred to C, then A is preferred to C. c. If A is preferred to B and B is preferred to C, then the preference for A over B is stronger than the preference for B over C. d. If A is preferred to C, then there exists B such that A is preferred to B and C is preferred to A.
Policy makers can select from a number of different exchange rate regimes. One of those options is a "hard peg." Which of the following best represents a hard peg?
A) a revaluation B) a currency board C) a flexible exchange rate regime D) the EMS E) none of the above