Which of the following is not one of the leading indicators?
A) index of consumer expectations, U. of Michigan
B) change in consumer price index for services
C) vendor performance, slower deliveries diffusion index
D) manufacturers' new orders, nondefense capital goods
B
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In the Keynesian model, the real wage is mildly procyclical because
A) demand for labor fluctuates with the demand for final goods. B) firms take advantage of recessions to pay slightly lower wages, since there's excess labor supply. C) workers' effort may depend on the unemployment rate and the real wage. D) the supply of labor fluctuates with the business cycle.
Which of the following is most likely to be a fixed cost for farmer McDonald? Fertilizer
A. Gasoline B. Fertilizer C. Insurance D. Seed
Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 The opportunity cost of moving one miner from Middle Drift to another mine is:
A. 3 tons per day. B. 5 tons per day. C. 1 ton per day. D. 4 tons per day.
Figure 12.1 shows a successful price-fixing arrangement (cartel) between two identical firms. When the two firms act like one and charge the same price, each firm will earn an economic profit of ________.
A. $1,250 B. $1,000 C. $500 D. $0