William quits his job where he earns an annual salary of $75,000 and opens a management consulting business, charging an hourly rate of $120 . He works out of his home, converting a storeroom into an office. (Zoning restrictions prevent William from renting out the room.) Start-up costs are financed by selling $15,000 worth of bonds he inherited that were earning annual interest payments of $900
. During his first year, William incurs expenses for supplies and utilities that total $3,500 . The total cost of production in the first year equals
a. $94,400
b. $79,400
c. $4,400
d. $3,500
e. $19,400
B
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A) I only B) II only C) both I and II D) neither I nor II
If a straight line passes through the point x = 12 and y = 4 and also through the point x = 4 and y = 8, the slope of this line is
A) seven tenths. B) negative 8 divided by 4. C) one -and one half. D) negative one half.
In economics, the term "shortage" means that the quantity demanded is greater than the quantity supplied at the existing price
a. True b. False Indicate whether the statement is true or false
_____________ advantage can be the result of a country’s natural endowment.
a. Absolute b. Real c. Focused d. Micro