In the above table, when output is 8 units, average variable costs are
A. $4.50.
B. $3.50.
C. $1.25.
D. $4.75.
Answer: B
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The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, what is true?
A) The lowest wage for which someone is willing to work is $18 an hour. B) The quantity of jobs increases to 400. C) The lowest wage for which someone is willing to work is $20 an hour. D) 200 workers are employed. E) The quantity of jobs demanded is more than the quantity supplied.
Explain what is meant by economic efficiency. Does efficiency imply that the fastest production processes or the most powerful equipment must always be used? Explain
What will be an ideal response?
Suppose a country has a current account surplus and that there is no intervention by finance ministries or central banks. This current account surplus indicates that the country has
A) a deficit in its capital account. B) a surplus in its capital account. C) the official reserve transactions balance is positive. D) the official reserve transactions balance is negative.
Samantha goes to the grocery store to make her monthly purchase of ginger ale. As she enters the soft drink section, she notices that the price of ginger ale has increased 15 percent, so she decides to buy some peppermint tea instead. To which problem in the construction of the CPI is this situation most relevant?
a. substitution bias b. introduction of new goods c. unmeasured quality change d. income effect