Compared to a fixed exchange rate, a monetary union
A) involves soft pegs.
B) does not allow adjustments to exchange rates.
C) is managed at the International Monetary Fund.
D) has no central bank.
B
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The figure above shows the market for coffee. If more coffee plantations are planted in Brazil and Vietnam so that the supply of coffee increases, the efficient quantity of coffee will ________ and the consumer surplus will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
Given the production function q = 4L + K, what is formula for the marginal product of labor?
A) 4 B) 4 + K C) 4K D) Cannot be determined with the information given.
Mallory Trammell is a homemaker. Last week, she was busy with her normal household chores. She is:
a. a member of the civilian labor force who is employed. b. a member of the civilian labor force who is unemployed. c. a member of the civilian labor force who is underemployed. d. a discouraged worker who is not a member of the labor force. e. not a member of the labor force.
In the description of labor costs associated with fishing, the textbook measures the cost of labor that corresponds with different quantities of fish. Which of the following statements is true?
a. Labor costs for fish production cannot be estimated. b. The cost of labor increases at an increasing rate at low levels of output. c. Labor costs increase at the same rate over all ranges of output. d. At higher levels of output, the cost of labor increases at an increasing rate. e. At higher levels of output, the cost of labor decreases at an increasing rate.