Both Arnold and Will work 10 hours a day. Arnold can produce six baskets of goods per hour while Will can produce four baskets of the same goods per hour. It follows that Arnold's
a. productivity is greater than Will's.
b. output is greater than Will's.
c. standard of living is higher than Will's.
d. All of the above are correct.
d
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A rise in Durable Goods Orders should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
Which was not a result of the California gold rush?
a. A substantial increase in the money supply. b. A large increase in GNP. c. A significant decrease in the prices of farm goods. d.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, if Jerry was efficient with his resources, he could have produced:
A. 12 dishes and 0 fences. B. 10 dishes and 2 fences. C. 8 dishes and 2 fences. D. 6 dishes and 2 fences.
Suppose that two firms are producers of spring water, which can be obtained at zero cost. The market demand curve for their combined output is p = 100 - Q where p is the price and Q is the amount of spring water sold by both together. If the two producers act in accord with the Cournot model, their combined output will be
A. 66.66. B. 0. C. 50. D. 33.33.