Keynes used the term "animal spirits" to refer to
a. policy makers harming the economy in the pursuit of self interest.
b. arbitrary changes in attitudes of household and firms.
c. mean-spirited economists who believed in the classical dichotomy.
d. firms' relentless efforts to maximize profits.
b
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High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $50?
A. 5 B. 3 C. 2 D. 1
Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she decides to charge each customer according to his or her willingness to pay
What is Julie's total revenue and how many hours of service will be purchased? A) 1 hour and her total revenue = $7 B) 4 hours and her total revenue = $39 C) 4 hours and her total revenue = $28 D) 5 hours and her total revenue = $35
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the quantity of real loanable funds per time period and current international transactions in the context of the Three-Sector-Model?
a. The quantity of real loanable funds per time period falls, and current international transactions become more positive (or less negative). b. The quantity of real loanable funds per time period rises, and current international transactions become more negative (or less positive). c. The quantity of real loanable funds per time period and current international transactions remain the same. d. The quantity of real loanable funds per time period rises, and current international transactions remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
Exhibit 5-7 Demand curve for concert tickets
?
In Exhibit 5-7, if promoters raise their prices from $10 to $40 per ticket, then their total revenue will:
A. increase because demand is inelastic in this price range. B. increase because demand is elastic in this price range. C. decrease because demand is inelastic in this price range. D. decrease because demand is elastic in this price range.