Identify examples of microeconomics and macroeconomics: How the government responded to the recent recession
Answer: Macroeconomics
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In the specific factors model, labor is defined as a(an)
A) mobile factor. B) specific factor. C) fixed factor. D) variable factor. E) intensive factor.
Which of the following is a true statement about signaling games?
a. In a separating equilibrium, the second mover's posterior beliefs are the same as his priors. b. In a separating equilibrium, Bayes' rule cannot be used to compute posterior beliefs (because it produces an undefined answer). c. In a pooling equilibrium, both the first and second movers choose the same action. d. In a pooling equilibrium, the second mover learns nothing from the first mover's action.
Sally owns a beauty shop that generates a total revenue of $90,000 per year. She pays her employees a total of $45,000 . pays $10,000 for rent, insurance, and utilities; and pays $15,000 for beauty supplies such as hair spray and shampoo. Sally is glad to have the shop, because her next best alternative is to work as a cafeteria attendant for a salary of $8,000 a year. From this we can conclude
that Sally a. would earn more working at the cafeteria b. makes an economic profit of $20,000 c. makes an economic profit of $12,000 d. has total explicit costs of $78,000 e. has total implicit costs of $12,000
All inputs are increased by the same proportion and the output increases more than proportionately, this suggests that:
(a) Constant returns to scale are present. (b) Increasing returns to scale are present. (c) Decreasing Returns to Scale. (d) None of the above.