The price tag on a tennis ball in 1975 read $0.10, and the price tag on a tennis ball in 2005 read $1.00 . The CPI in 1975 was 52.3, and the CPI in 2005 was 191.3 . The price of a 1975 tennis ball in 2005 dollars is
a. $0.03.
b. $0.27.
c. $0.37.
d. $1.00.
c
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The value of the marginal product of labor is the:
A) value of the output produced by all the workers in a firm. B) contribution of an additional unit of labor to a firm's revenue. C) extra output that is produced by hiring an additional unit of labor. D) amount of output produced by the first unit of labor hired by a firm.
Which of the following statements best describes relative inflation?
a. If the currency of the country Currencia is experiencing relatively low inflation, then its buying power is decreasing and international investors will be less eager to hold it. b. If the currency of the country Currencia is experiencing relatively high inflation, then its buying power is increasing and international investors will be less eager to hold it. c. If the currency of the country Currencia is experiencing relatively high inflation, then its buying power is decreasing and international investors will be less eager to hold it. d. If the currency of the country Currencia is experiencing relatively high inflation, then its buying power is increasing and international investors will be less eager to hold it.
Which of the following would not be included in GDP?
a. the real estate commission on the sale of a used home b. an attorney's fee for handling the sale of a used home c. the value of a used home, at its sale price d. fees paid to have the house cleaned
Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what price should it charge per unit of output so as to maximize its profits?
A. $4.00 B. $3.50 C. $3.00 D. $2.50