Which of the following is an accurate statement about the free market?
a. Government agencies make most of the decisions concerning buying and selling.
b. Resources shift from uses that are less valued to uses that are more valued.
c. “Market forces” is a precise term to use when talking about decision making.
d. The “voice” that decides how resources are allocated is made up mostly of buyers.
b. Resources shift from uses that are less valued to uses that are more valued.
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The production function shows that as employment increases, real GDP
A) increases until it reaches potential GDP and then it starts to decrease. B) increases at a decreasing rate. C) decreases at a decreasing rate. D) increases at an increasing rate. E) increases at a constant rate.
Bill's Lawn service starts the year with 20 lawn mowers. During the year, 3 mowers break and are not worth fixing. Bill also expands his business and buys 10 more mowers. Bill's net investment is ________ mowers
A) 13 B) 7 C) 10 D) 20 E) 27
Some careers, such as flight attendants, nurses, and primary school teachers, used to be considered "women's jobs.". Other jobs, such as airline pilots, physicians, and school principals, were traditionally considered to be "men's jobs" and were not
generally open to women. If women are allowed increased access to the jobs that had traditionally been considered to be "men's," explain the effects on wage rates.
In the following graph, the price of capital is $12 per unit. How many units of labor should the firm use in order to produce 200 units of output at the least cost?
A. 22 units of labor B. 30 units of labor C. 18 units of labor D. 40 units of labor E. 12 units of labor