Refer to the information. If the price of product A is $0.50, the firm will realize:
Answer the question on the basis of the following information: Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3 respectively.
A. an economic profit of $4.
B. an economic profit of $2.
C. an economic profit of $6.
D. a loss of $3.
B. an economic profit of $2.
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Economists classify all of the following as capital, except one. Which one is not capital?
a. a $20 bill in a firm's petty cash drawer b. the building where our economics class meets c. a plumber's wrench d. a railroad car e. a factory
Generally there is an inverse relationship between the level of savings and the level of long-term economic growth
a. True b. False Indicate whether the statement is true or false
Define the following terms briefly and concisely and indicate their importance to the study of economics. a. Entrepreneurship b. Investment c. Capital d. Innovation e. Discounting
What will be an ideal response?
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
With the open trade economy, Silvia and Art can consume any combination of beef and computers from the line
A. XY. B. PQ. C. PY. D. XYZ.