Walter builds birdhouses. He spends $5 on the materials for each birdhouse. He can build one in 30 minutes. He is semi-retired but earns $8 per hour at the local hardware store. He can sell a birdhouse for $20 each. An accountant would calculate the total cost for one birdhouse to be
a. $5.
b. $8.
c. $9.
d. $13.
a
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An increase in the number of pineapple growers results in
A) an increase in the supply of pineapples and a rightward shift in the supply curve of pineapples. B) an increase in the supply of pineapples and a leftward shift in the supply curve of pineapples. C) an increase in the quantity of pineapples supplied and no shift in the supply curve of pineapples. D) no change in the supply of pineapples and a movement along the supply curve of pineapples. E) None of the above answers is correct.
The long run for a business is a period of time
A) longer than a year. B) when most inputs are variable. C) when all inputs can change. D) when labor is the only input used by the business.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost of a pair of shoes is ________ for the United States than Canada, so Canada has the ________ advantage in shoe production.
A. lower; comparative B. higher; comparative C. higher; absolute D. lower; absolute
U.S. government bonds have no default risk because
A) they are issued in strictly limited quantities. B) the federal government can increase taxes or print money to pay its obligations. C) they are backed with gold reserves. D) they can be exchanged for silver at any time.