Economics tells us which resource allocations are preferable.
Answer the following statement true (T) or false (F)
False
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Hershey Chocolate Factory pays a money wage rate equal to $30 per hour and sells its candy bars for $1.50 each. Hershey Chocolate Factory should hire labor until an additional unit of labor produces ________ candy bars an hour
A) 30 B) 20 C) 1.5 D) 45 E) 10
The recession of 2007-2009 would most likely be represented in a production possibilities frontier graph by
A) a point on the frontier. B) a point inside the frontier. C) a point outside the frontier. D) an intercept on either the vertical or the horizontal axis.
The price of a good will rise when:
a. there is a shortage of the good. b. there is a surplus of the good. c. demand for the good decreases. d. the supply of the good increases.
The debt burden can be passed on to future generations if public debt is
a. deflationary b. converted into paper currency c. turned into private debt d. an external debt e. crowded out