A decrease in the supply of labor could be caused by
A. increased wage rates in another industry.
B. more job flexibility.
C. wage rates falling in another industry.
D. better working conditions.
Answer: A
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Which of the following transactions is not included in GDP?
a. oranges sold to households by a grocer. b. orange juice sold by a restaurant to its diners. c. oranges sold by a farmer to a grocery store. d. All of the above are included in GDP.
Consider a competitive industry and a price-taking firm that produces in that industry. The market demand and supply functions are estimated to be: Demand: Qd = 10,000 ? 10,000P + 1.0MSupply: Qs = 80,000 + 10,000P ? 4,000PIwhere Q is quantity, P is the price of the product, M is income, and PI is the input price. The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and PI for 2015:
= $50,000 and 
I = $20 The manager also estimates the average variable cost function to beAVC = 3.0 ?
0.0027Q + 0.0000009Q2Total fixed costs will be $2,000 in 2015. Average variable cost reaches its minimum value of ________ units of output. A. 2,000 B. 1,500 C. 2,500 D. 1,000
Increasing marginal returns are generally the result of _____.
a. ?labor unions b. ?the specialization and division of labor c. ?change in technology d. ?diseconomies of scale e. ?increasing costs
The pure rate of interest in economic models is best approximated by the:
A. 1-month Treasury bills B. Prime interest rate C. Federal funds rate D. 20-year Treasury bond rate