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As part of her research before hiring another employee to help sell cookbooks at her Books and Cooks store, manager Shelly calculated weekly production numbers. What are the marginal product and average product for three workers? - correct answer Marginal Product = 56 Average Product = 71 If the firm is decreasing production from Q1 to Q2, how is the firm doing? - correct answer Poorly; it is at the shutdown point

Which of the following describes the visual representation of the steps that form a process? - correct answer It plays an important role in efficiency evaluation Which of the following is an intermediate good? - correct answer Flour used to bake bread in a bakery When a firm uses five machines, it can produce 600 units daily. A sixth machine allows the firm to product 880 units. Which of the following is true in regard to production? - correct answer The marginal product for the sixth m...

C1: Juan is able to list out the pros and cons of each possible bundle based on his personal preferences to help him decide which is ultimately the best bundle. Which of the following economic principles is Juan exhibiting? - correct answer Completedness M1: Which description below describes an indifference curve? - correct answer A curve on a consumer choice graph that indicates different combinations of goods that are equally appealing to the customer M2: Using the graph shown, deter...

Microeconomics focuses mainly on the study of decisions made by __________. - correct answer individuals and firms Which of the following statements describes macroeconomics? - correct answer It looks at the overall ups and downs of the economy. Ben was offered a full-time position working on his uncle's construction crew and would be paid $20 per hour. Instead, Ben chose to take classes at the local college so he could finish his degree. In economic terms, this loss of potential income i...

What is the study of the behavior of consumers and businesses holistically across an economy? - correct answer Macroeconomics When Joe went back to college to finish his degree in Economics, he cut back from full-time to part-time work at his firm. During this time, the lease on his SUV ran out and he leased a smaller compact car as a result. The smaller compact car is an example of which type of good? - correct answer Inferior Which answer choice below does NOT influence decision making ...

The cost of cleaning up pollution can be measured by all of the following EXCEPT _________. - correct answer market prices and quantity of goods/services produced. Which of the following statements best describes the minimum wage? - correct answer It is a price floor that decreases consumer surplus as compared to the free market equilibrium price and output. Which of the following is NOT an obstacle to the implementation of environmentally sustainable business practices? - correct answer I...

Given the information above, which of the following is true? - correct answer Consumers will bear a greater tax incidence because demand is inelastic. Which statement below refers to the law of diminishing returns? - correct answer After a certain point, the rate of utility decreases with each additional unit of an item consumed. Which choice below is a factor in the process of resource allocation for consumers? - correct answer Time

Microeconomics involves decisions made by __________. - correct answer firms and households Studying macroeconomics helps us learn about the value and limitations of __________, which occurs across nations, typically involving foreign exchange transactions. - correct answer global trade In the Circular Flow model, governments __________ - correct answer produce some final goods and services

Sophia (Macroeconomics) - Unit 1 Milestone questions with correct answers

Aggregate Demand - correct answer Total amount of goods and services demanded in an economy at a specific point in time and at a prevailing price level Automatic Stabilizer - correct answer Government policies that go into effect automatically as the economy slows to counter economic slowing; the payments increase in a recession and decrease with increased employment as an economy grows and enters into the expansionary phase Balance of Payments - correct answer A record of all monetary ...