Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. What is the market value of production in this economy?
A. $7.00
B. $1.20
C. $2.00
D. $5.00
Answer: A
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In the new Keynesian view a monopolistically competitive firm may fail to increase the price of its product as demand increases because
A) if it does so it will lose all of its customers. B) the cost to it of changing prices may exceed the benefit of doing so. C) prices of monopolistically competitive firms are regulated by the federal government and may only be changed with permission. D) for a monopolistically competitive firm, price is below marginal cost.
Use the following graph of the total demand for money to answer the next question.
Assume we begin at point a. An increase in the interest rate will can be shown as a move to ________.
A. point b B. point c C. point d D. point e
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517If we plot John's opportunity cost per window on the vertical axis and the number of windows cleaned each day on the horizontal axis, we will have John's ________ curve for window-cleaning services.
A. supply B. benefit C. production possibilities D. demand
Evidence shows that for many people, delaying searching for a job for a year or longer after they are laid off will contribute to a deterioration of their job skills, making it harder for them to find employment
This deterioration in job skills and the subsequent retraining that is necessary to obtain employment relates to which type of unemployment? A) seasonal B) structural C) cyclical D) frictional