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Suppose both Monica and Edith grow roses and make guns. If Monica devotes 10 hours to growing roses, she grows 16 roses, and if she devotes 10 hours to making guns, she produces 4 guns. If Edith divides her 10 hours equally, she produces 12 roses and 6 guns. Identify the correct statement.
Monica has an absolute advantage in making guns, and Edith has an absolute advantage in growing roses.
Monica has an absolute advantage in both growing roses and making guns.
Monica has an absolute advantage in growing roses, and Edith has an absolute advantage in making guns.
Edith has an absolute advantage in both growing roses and making guns.
George bought a car for $26,500. He made a down-payment of $4,500 and financed the rest on a 5-year term with a monthly payment of $575. What is the interest rate per month for the loan? What is the nominal interest per year? What is the effective in..
Currently there are 2.9 workers for every retiree. Average salary is $50,000 and average benefits are $15,000. What is the average tax rate consistent with a pay-as-you-go system in equilibrium? n her novel “Sense and Sensibility”, Jane Austen wrote,..
Show graphically and explain how a change in the monetary policy regime will affect short-run prices and output in the economy. (3 graphs to complete this problem) (Answers without graphs are useless)
The supply of a new drug is Q= 50 X P – 100. The demand for it is Q = 6,600 – 15 X P. What is the market equilibrium price and quantity?
Astrachan contends that ____ men express the most hostility when women enter into traditionally male occupations and are more threatened by the overall competence of women.
The UWM Bookstore orders coffee mugs out of a catalog from a supplier. The demand for these coffee mugs is 1,849 per year. There is a $45 charge for placing an order and the cost per coffee mug to hold it in inventory for the year is $2.50. What is t..
Suppose a consumer currently has $1000 with which to buy food for this year (c1) and for next year (c2). In both periods, the price of a unit of food is $1. Assuming the consumer has “standard” preferences defined over c1 and c2, depict a typical con..
Discuss which key concepts and topics in this course have made you a stronger candidate to enter the business world.
Some countries like Spain engage in expansive monetary policy to stimulate the economy. What was the effect of this policy on the interest rate, the exchange rate and output? Because of this Spain's irresponsible monetary policy, Spain was in risk of..
Suppose the economy is thought to be 1 percent below potential (i.e., the output gap is −1 percent), when potential output grows 4 percent per year. Suppose the Fed is following the Taylor rule, with an inflation rate of 4 percent over the past year...
Why might convertibility be important for the establishment of paper money? Would you expect it to remain as important if the paper money has the status of legal tender? Explain why or why not.
Efficiency-wage theory suggests that to improve workers performance, firms should:
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