Based on the information shown in Exhibit 3, how much cloth can Wendy produce in one day using all of her resources?
a. 3 yards
b. 4 yards
c. 5 yards
d. 10 yards
c. 5 yards
You might also like to view...
Given the market demand and cost data in the above figure, the existence of two firms equal sized firms producing a total of 8 million cubic feet of natural gas means that the long-run average cost of producing natural gas is
A) 10 cents per cubic foot. B) 20 cents per cubic foot. C) 30 cents per cubic foot. D) 40 cents per cubic foot.
The regulatory lag:
A) always benefits the regulated firm. B) is likely to occur with rate-of-return regulation. C) promotes economic efficiency. D) all of the above
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.
Which of the following is NOT considered to be an economic resource?
A) an engineer B) a company truck C) a local gas station D) a view of the moon on a clear night