1) An economist who is studying the relationship between the
money supply, interest rates, and the rate of inflation is engaged in
2) A basic difference between microeconomics and
macroeconomics is that microeconomics
3) The distinction between supply and the quantity supplied
is best made by saying that
4) After several years of slow economic growth, world demand
for petroleum began to rise rapidly in the 1990s. Much of the increase in
demand was met by additional supplies from sources outside the Organization of
Petroleum Exporting Countries (OPEC). OPEC, during this time, was unable to
restrain output among members in its effort to lift oil prices. What best
describes these events?
5) Price elasticity of demand is the:
6) If average movie ticket prices rise by about 5 percent and
attendance falls by about 2 percent, other things being equal, the elasticity
of demand for movie tickets is about:
7) When labor is the variable input, the average product equals
the
8) The increase in output obtained by hiring an additional worker
is known as
9) Which of the following is the best example of a long-run
decision?
10) Other things being equal, when average productivity
falls,
11) According to economist Colin Camerer of the California
Institute of Technology, many New York taxi drivers decide when to finish work
by setting an income goal for themselves. If this is true, then on busy days
when the effective hourly wage is higher, taxi drivers will
12) A firm's demand for labor is derived from the
13) Owen runs a delivery business and currently employs three
drivers. He owns three vans that employees use to make deliveries, but he is
considering hiring a fourth driver. If he hires a fourth driver, he can
schedule breaks and lunch hours so all three vansare in constant use, allowing
him to increase deliveries per day from 60 to 75. This will cost an additional
$75 per day to hire the fourth driver. The marginal cost per delivery of increasing
output beyond 60 deliveries per day
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