If an economy produces 2,000 units of output with a price level of $2 and the money supply (M) is $1,000, velocity is:
A. 4.
B. 500.
C. 1.
D. 2.
A. 4.
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An inclusive union
A. is most concerned with increasing the demand for workers in an industry. B. organizes a wide range of workers in an industry to gain bargaining power. C. restricts supply of labor through licensing requirements. D. is most effective in a purely competitive industry.
Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her average total cost?
A) $6.67 B) $10.00 C) $11.00 D) $13.33
In the absence of property rights, inventors have ________ incentive to invest in innovations and ________ incentive to disclose how to use and make their innovations.
A) less; less B) more; less C) more; more D) less; more
When determining equilibrium using supply and demand, the concept of ceteris paribus is used. The term ceteris paribus means
a. other things being equal. b. allowing things to change. c. other things being different. d. time and space considered.