Table 7-4
?
6
346
490
600
692
775
846
?
5
316
448
548
632
705
775
?
4
282
400
490
564
632
692
CAPITAL
3
245
346
423
490
548
600
?
2
200
282
346
400
448
490
?
1
141
200
245
282
316
346
?
0
1
2
3
4
5
6
?
LABOR
?
?
?
?
?
Table 7-4 shows a production relationship. Assuming the capital stock is fixed at three units and the cost per day of labor is $65, what is the most labor that it is efficient to hire if the product price is $1 per unit?
A. 2
B. 3
C. 4
D. 5
Answer: C
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The prediction of permanent, growing shortages of fresh drinking water by the year 2050 assumes
A) water prices will increase. B) water prices will decrease. C) water prices will not adjust appropriately to coordinate the market. D) nobody will be able to collect water from rain and snowstorms.
If the exchange rate of yen per dollar increases from 100 yen = $1 to 110 yen = $1, then
a. Japanese-produced goods would become more expensive b. the dollar has depreciated c. the yen has appreciated d. U.S.-produced goods would become more expensive e. U.S. exports would increase
?Hair Pins /hourBandanas /hourNigel410Mia93
Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Mia's opportunity cost of producing one hair pin is:
A. 1/3 of a bandana. B. 2.5 bandanas. C. 3 bandanas. D. 10 bandanas.
Assume that a tariff is imposed on an imported product. The difference between the domestic price and the world price is captured by:
A. The government B. Domestic consumers C. Domestic producers D. Foreign exporters