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Terms in this set (7)
if Kindle e-readers and nook e readers are substitutes, a higher price for nooks would result in a
increase in the demand for kindles
What would happen to the equilibrium price and quantity of lattes if the cost of producing steamed milk, which is used to make lattes, rises?
the equilibrium price would increase and the equilibrium quantity would decrease
which of the following is NOT one of the demand shifters
a. income b. price of related goods c. the number of buyers d. tastes e. input price
input price
what would result in a lower price in the market for snickers? (supply/demand)
demand for snickers decreases and supply of sinckers increases
all of part of a firms profits may be paid out to the firms stockholders in the form of
divideneds
In a closed economy, if Y, C, and T remained the same, a decrease in G would result in
an increase in public saving but not private saving
the slope of the supply of loadable funds curve represents the
positive relation between the real interest rate and saving
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Verified questions
ECONOMICS
Relate to comparing real wages. Your great-grandfather, grandfather, and father are arguing about incomes over dinner on Thanksgiving Day. Each claims to have had a tougher time supporting his family. Your great-grandfather earned $4,000 a year in 1940 when the CPI was 14.0; your grandfather earned$12,000 a year in 1970 when the CPI was 38.8; and your father earned $50,000 a year in 2004 when the CPI was 188.9. Rank your patriarchal line from highest to lowest according to real income. Include the real Income value for each rounded to the penny. Highest real income: _________. Second highest real income: _________ Lowest real income: _________.
Verified answer
ECONOMICS
What impact on our economy might the age composition of the future population have?
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ECONOMICS
Many retail stores offer their own credit cards. At the time of the credit application, the customer is given a 10 percent discount on the purchase. The time required for the credit application process follows a uniform distribution with the times ranging from 4 minutes to 10 minutes. a. What is the mean time for the application process? b. What is the standard deviation of the process time? c.What is the likelihood a particular application will take less than 6 minutes? d.What is the likelihood an application will take more than 5 minutes?
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ECONOMICS
A bakery operating in competitive markets sells its output for $20 per cake and hires labor at$10 per hour. To maximize profit, it should hire labor until the marginal product of labor is a. 1/2 cake per hour. b. 2 cakes per hour. c. 10 cakes per hour. d. 15 cakes per hour.
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