Which of the following would be considered a factor of production in the provision of bus service?
A. The amount it costs to provide bus service between two locations.
B. The hourly wage paid to bus drivers.
C. The revenue from the sale of bus tickets.
D. Bus drivers.
Answer: D
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The figure above shows the demand, marginal revenue, and marginal cost curves for Paul's Parrot pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, his total economic profit is
A) $60. B) $405. C) $0. D) $210,000. E) unknown because more information is needed to determine Paul's profit.
Assume that a traffic ticket attorney is no more productive today than he was 10 years ago but he is now earning 50% more in salary. How do you explain this apparent paradox?
What will be an ideal response?
If the British pound appreciates from $0.50 per pound to $0.75 per pound, the U.S. dollar depreciates from ________ per dollar to ________ per dollar
A) £2; £2.5 B) £2; £1.33 C) £2; £1.5 D) £2; £1.25
An appreciation of one's currency means that:
a. the country's exports will become less expensive. b. the country's imports will become more expensive. c. the country's imports will become less expensive. d. it now requires more of this currency in exchange for one unit of another currency. e. it now requires less units of other currencies in exchange for one unit of this currency.