Tag: Economics – Others

b. Now assume that the total revenue of a typical non-Taiwanese chip manufacturer falls due to these events. In terms of an elasticity, what must be true for this to happen? Because the price increase results in a decrease in total revenue, demand for semiconductor chips must be and

The percelved central economic problem associated with the U.S. health care system isMultiple Choicethat workers lose their insurance when they lose their jobs.an overallocation of resources to the system.too many frivolous malpractice lowsults.an overabundance of scanning machines.

According to the Fair Labor Standards Act (FLSA) on minimum wage:
The minimum hourly wage is currently $7.25/hr.
Minimum wage must be paid to all employees covered by the law.
State law may require a higher wage for employees within their jurisdiction.
All of the above
None of the above

Which of the following is not an explicit cost?
A $2000 in taxes to the government on your profit.
Be the $100 and interest you lost by using your CD funds to pay for a new pizza oven.
See $25 for lunch to serve your workers.
D $1500 to buy bricks for the driveway of your house

A market has three firms, all of which are suffering losses. However, sone of the firms lewes the market as each firm is hoping that another will. As a result, all firms coetinue to neffer lossec. What type of game is this?
leaderhhip game
tit-for-tat game
grim trigzer game
chicken game

Which of the following are true?
Federal reserve system is a private institution
Federal open market committee is responsible for the reserve requirement.
Each member of the board of governors is appointed 14 years
There are 10 federal reserve districts banks in the US

Assume that price exceeds average variable cost over the relevant range of . If a monopolistically competitive firm is producing at an output where marginal revenue is $111.11 and marginal cost is 5118 , then to maximize profits the firm should Increase its output.TrueFalse

If a firm earns normal economic profit, then its revenues
greater than total opportunity costs.
equal to the sum of implicit and explicit costs.
sufficient to cover explicit costs, but not implicit costs.
sufficient to cover implicit costs, but not explicit costs.

Suppose a factory recently removed robots from its production line, decreasing productivity. The likely result is a
shift of the supply curve.
leftward shift of the supply curve.
downward shift of the supply curve.
movement up along the supply curve.

The Phillips curve illustrates which relationship?
As unemployment decreases, inflation decreases.
As unemployment decreases, real wages decrease.
As unemployment increases, real wages increase.
As unemployment decreases, inflation increases.
As unemployment increases, inflation increases.