In the above figure, the economy is at point A. Then the price level falls to 90 while the money wage rate does not change. Firms will be willing to supply output equal to
A) less than $16.0 trillion.
B) $16.0 trillion.
C) more than $16.0 trillion.
D) Without more information, it is impossible to determine which of the above answers is correct.
A
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Pietro is a manager at a carwash. He has hired 10 workers to wash and detail cars for him and is considering what type of payment scheme he should set up for his workers
He can pay each of his workers $9 per hour to wash and detail cars, or he can pay his workers $12 for each car a worker washes and details. (It takes 75 minutes, on average, for an employee to wash and detail a car.) If Pietro wants to maximize the number of cars his workers wash and detail in one day, which payment scheme should he use? Explain.
The knowledge that students gain while in college is referred to by economists as human capital
a. True b. False
The theory that the world's population will eventually outrun its food supply was formulated by
A. Robert Gordon. B. Mancur Olson. C. Edward Denison. D. Thomas Malthus.
If a bond has a face value of $1000 and a coupon rate of 4.25%, the bond owner will receive annual coupon payments of:
A. $4.25 B. $425.00 C. a value that cannot be determined from the information provided. D. $42.50