Since it is possible to grow coffee in the United States, the U.S. would gain by creating a domestic coffee industry rather than importing coffee from Brazil
a. True
b. False
Indicate whether the statement is true or false
False
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The working-age population of people over the age of 16 can be divided into two groups, people
A) in the labor force and people looking for work. B) with a job and people actively seeking a job. C) looking for work and those in the U.S. Armed Forces. D) in the labor force and people with a job. E) in the labor force and people who are not in the labor force.
Tony's Pizza's production function is shown in the table above. a) Suppose Tony operates Plant 2. He hires 2 workers and produces 20 pizzas a day. Is the pizzeria technologically efficient? Why or why not? b) Suppose Tony operates Plant 1
He hires 2 workers and produces 18 pizzas per day. Is Tony's Pizza technologically efficient? Why or why not? Can Tony increase production to 22 pizzas a day in the short run? If yes, how? c) Suppose Tony operates Plant 3. What is the marginal product of labor when the fourth worker is hired? When operating Plant 3, does Tony experience diminishing marginal returns? Explain. d) Suppose Tony currently uses Plant 3. Can he increase production from 40 to 50 pizzas per day in the short run? In the long run? If yes, how?
Streaming Netflix movies would be considered:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
During World War II, the economy's production increased about
a. 25 percent and prices rose about 5 percent. b. 50 percent and prices rose about 10 percent. c. 75 percent and prices rose about 15 percent. d. 100 percent and prices rose about 20 percent.