Which of the following is subtracted from gross national product to arrive at the net national product?
a. net income of foreigners
b. depreciation
c. indirect business taxes
d. transfer payments
b
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What are the problems with experimentation?
What will be an ideal response?
Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 30 chicken breasts per hour by hand, while Tom's experience allows him to debone 60 chicken breasts per hour by hand. Ted buys one new machine that can debone 100 chicken breasts per hour. Both Mike and Tom work the same 40 hours per week, but one of them is assigned to operate the machine instead of deboning the chicken breasts by hand. To obtain maximum average hourly productivity, ________ is assigned to use the machine and their combined average hourly productivity as a team is ________ chicken breasts
A. Mike; 80 B. Mike; 65 C. Tom; 80 D. Tom; 65
Consumers make all economic decisions in a mixed economy
Indicate whether the statement is true or false
The percentage change in quantity demanded divided by the percentage change in income is referred to as the
a. price elasticity of demand b. income elasticity of demand c. cross-price elasticity of demand d. slope of the demand curve e. demand curve