Productivity growth is a minor source of improvements in real wage rates and the standard of living.
Answer the following statement true (T) or false (F)
False
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Which of the following is an example of the rationing function of price?
A. A firm attempting to lower its explicit costs B. Government price controls C. Switching from a Ph.D. in economics to one in finance because finance salaries are higher D. Bill Gates purchasing the Mona Lisa for $5 billion
Fixing up old houses requires plumbing and carpentry. Jack (who is a jack of all trades but is a master of none) is a decent carpenter and a decent plumber, but is not particularly good at either
He can fix up two houses in a year if he does all of the carpentry and plumbing himself. His wage is $50,000 per year. a. What is Jack's average total cost of fixing up two old houses? b. George is an excellent plumber and Harriet is an excellent carpenter. George can do all of the plumbing and Harriet can do all of the carpentry to fix up five houses per year. Each earns a wage of $50,000 per year. If George and Harriet work together and fix up five old houses each year, what is their average cost? c. What does this problem tell you about one of the sources of economies of scale?
Exhibit 10-1A perfectly competitive producer has the following short-run average cost curve and marginal cost curve:SR AC = 2Q + 3MC = 4Q + 3where costs are measured in dollars and Q represents the firm's output in units. If the market price of wangdoodles is $15 each, the profit-maximizing producer whose short-run cost curves are given in Exhibi should produce ____ wangdoodles.
A. 0 B. 3 C. 6 D. 15
The highest expenditure on a security item found in national spending at the federal, state, and local level is on
a. police b. fire c. corrections d. national defense e. Social Security