Category: Uncategorized

True or False.  State and local government spending has remained relatively stable over the last four decades. 

Liquidity describes the following:

The unemployment rate is understated due to:

The supply and demand conditions for a firm are given in table below.  Identify the equilibrium price before the social benefit of production is included.  Enter your answer as a numeric value no dollar sign e.g. 400. Price Quantity Supplied Quantity Demanded before Considering the benefits of technology Quantity Demanded after Considering the benefits of Technology $100 425 525 625 $200 450 500 600 $300 475 475 575 $400 500 425 550 $500 525 400 525 $600 550 375 500 $700 575 325 475  

Match the definition to the correct word

True or False.  An international comparison of unemployment rates across countries can be easily accomplished.

The following table shows some costs and prices faced by an airplane manufacturer.  profit maximization is achieved at a production rate of ____ planes per month  (Enter your answer as a numeric value). Output (planes per month) 0 1 2 3 4 Price (millions per plane) — $9 $8 $7 $6 Total cost (millions per month) $1 $2 $6 $10 $20 Total revenue (millions per month) Total Profit (millions per month)  

Catfish Farmers Feel Forced Out of Business Also feeling the pinch from foreign imports and rising grain costs, Jerry Seamans is cutting back his 1,200 acres of catfish ponds by 20 percent and returning the acreage to soybeans and rice… “I really don’t know of a fish operation that’s not changing,” said Seamans, whose farm is just outside of Lake Village. “Some people are going out of business, several people are doing the same thing I’m doing. Most everybody in the business is trying to make major adjustments.” At its peak in 2002, Arkansas’ catfish industry numbered 195 operations covering 38,000 acres of ponds. The latest numbers from the U.S. Department of Agriculture show 128 catfish farms with 29,900 acres of ponds. Production has dropped from 106,821 pounds two years ago to the current 90,400 pounds. Source: TheFishSite.com, May 26, 2008. Used with permission of SM Publishing. Under perfectly competitive scenarios firms exit the business when economic losses are incurred.  According to the News Wire above, how many Arkansas catfish farms quit the business due to economic losses?  Enter a numeric value as your answer.

True or False the Law of diminishing returns states as additional increments of resources are added to a certain purpose, the marginal benefit from those additional increments will decline.

Refer to the table below.  Since 1950, in what year was the smallest GDP decline?  Enter your answer as an numeric date e.g. 1929. Dates Duration (Months) Percentage Decline in Output 1929 43 -26.70% 1937 13 -18.2 1945 8 -12.7 1948 11 -1.7 1953 10 -2.6 1957 8 -3.7 1960 10 -1.6 1969 11 -0.6 1973 16 -3.2 1980 6 -2.2 1981 16 -2.7 1990 8 -1.4 2001 8 -0.3 2007 18 -5.1