Use the following table to answer the question below.Dave's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn01600320201202024040804016060406080800800The terms of trade for 1 pound of green beans must lie between ________ and ________ pounds of corn.
A. 1/4, 1
B. 1/4, 1/2
C. 1, 4
D. 2, 4
Answer: D
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
The price that U.S. consumers pay for goods imported from Mexico has fallen and the quantity of U.S. imports from Mexico has ________
Because of these changes, the winners are U.S. ________ of goods imported from Mexico and the losers are U.S. ________ of goods imported from Mexico. A) increased; consumers; producers B) decreased; producers; consumers C) increased; producers; producers D) increased; producers; consumers E) decreased; consumers; producers
If a firm sells 5 units of output at $9 per unit and 6 units of output when price is reduced to $8, its marginal revenue from selling the sixth unit is
A) $1. B) $48. C) $45. D) $3.
The hiring rule for a firm that faces a downward sloping demand curve for its output is to hire that amount of labor for which the wage rate is equal to
A. MRPL. B. the price of the good being sold. C. VMPL. D. marginal revenue.