Economists define money as
A) cash in circulation.
B) deposits in commercial banks.
C) anything that people are willing to accept in payment for goods and services or to pay off debts.
D) bonds issued by large corporations.
C
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In 2001 and 2002, McDonald's tried to improve the quality of its service by hiring mystery shoppers to evaluate service, cleanliness, and food quality
Indicate whether the statement is true or false
If the marginal cost of producing a good is increasing as a firm produces more of the good, then which of the following must be TRUE?
A) AFC is rising. B) AVC is rising. C) MC > AVC. D) MPL is falling.
Refer to the above figure. Assume that only two goods can be produced in the economy. Which of the following statements is TRUE?
A) Points a, b, and c are all obtainable points of production. B) Points a and b are obtainable points of production. C) Points b and c are obtainable points of production. D) Only point b is an obtainable and efficient point of production.
Table 31.1Wage rate (dollars per hour)Labor demanded (workers)Total labor cost(dollars per hour)Marginal Wage (dollars per worker)$260________---222________________184________________146________________108________________Table 31.1 shows the number of workers a firm is willing to hire per hour at different wage rates. Complete the table by computing the total wage bill (total labor cost) and the marginal wage. Assume the union collects dues of 1 percent of the total wage bill. How many workers would the union want hired in Table 31.1 if its goal was to maximize the amount of dues collected?
A. 8. B. 2. C. 4. D. 6.