Table 7-4
?
6
346
490
600
692
775
846
?
5
316
448
548
632
705
775
?
4
282
400
490
564
632
692
CAPITAL
3
245
346
423
490
548
600
?
2
200
282
346
400
448
490
?
1
141
200
245
282
316
346
?
0
1
2
3
4
5
6
?
LABOR
?
?
?
?
?
Table 7-4 shows a production relationship. The cost of one day of labor is $65 and the product price is $1 per unit. How much will the labor input increase if the capital stock were increased from 3 to 4?
A. From 3 to 4
B. From 4 to 5
C. From 4 to 6
D. Stays the same
Answer: B
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According to this Application, some households were willing to take on considerable mortgage debt because
A) they realized the mortgage debt would be more than offset by the tax deductions they could take on the interest paid on their mortgage loans. B) this was a safe investment in light of the rapidly increasing inflation in the economy. C) the government's federal home mortgage insurance program would compensate them for any loss in value they may realize based on the purchase price of their homes. D) they were confident they could make money as the values of their homes increased.
Assume consumers eat either rice or pasta for dinner every night. If the price of rice increases, then one would expect to see:
A. an increase in the demand for pasta. B. a decrease in the quantity of pasta demanded. C. a decrease in the demand for pasta. D. an increase in the quantity of pasta demanded.
Which of the following is part of "M2" but not "M1"?
A) money market mutual fund shares B) saving deposits C) time deposits (under $100,000) D) all of the above E) none of the above
Accounting profit equals
a. explicit costs minus implicit costs b. economic profit minus implicit costs c. economic profit minus explicit costs d. economic profit minus explicit costs and implicit costs e. economic profit plus implicit costs