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 workers 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 vans are 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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