On the Heritage Foundation's scale of "Economic Freedom," which of the following countries is most "Free"?
A. Ireland
B. Russia
C. North Korea
D. Venezuela
Answer: A
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Refer to Table 2-10. What is Barney's opportunity cost of making a pogo stick?
A) 2 unicycles B) 1.4 pogo sticks C) 1/3 of a unicycle D) 1/2 of a unicycle
Bundling
A) is when firms sell multiple separate goods together for a single price. B) is where a firm wraps its fragile goods in special packaging and charges a higher price than if the goods are put into regular packaging. C) increases transaction costs for consumers. D) is illegal in most U.S. states.
If some inputs of production do not vary with the level of output we call them fixed inputs which when multiplied by their price become fixed cost. Which of the following items typically fit this category?
A. Insurance payments B. Interest on loans C. Property taxes D. All of these are fixed costs
A restaurant currently has two cooks and ten waiters. Cooks earn $10 an hour and waiters earn $5 an hour. The last cook added 40 meals served to total output, while the last waiter added 25 meals served to total output. In order to maximize the number of meals served with a fixed budget, the manager should
A. should use more cooks and fewer waiters because productivity per dollar is higher for cooks than for waiters. B. should use more waiters and fewer cooks because waiters are paid less than cooks. C. continue to use two cooks and ten waiters because output is being maximized. D. should use more cooks and fewer waiters because cooks are more productive than waiters. E. should use more waiters and fewer cooks because productivity per dollar is higher for waiters than for cooks.