Refer to the information provided in Figure 10.3 below to answer the question(s) that follow. 
Figure 10.3 Refer to Figure 10.3. If labor supply is given by S0 and the firm is using K1 units of capital, this firm should hire ________ units of labor to maximize profit.
A. I0
B. I1
C. I2
D. I3
Answer: A
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Jamie is preparing to take his SAT tests. The table above shows how Jamie's score depends on the number of hours a week Jamie studies
a. Plot the relationship in the figure, putting the hours studied on the horizontal axis. b. Is the relationship you plotted positive or negative? c. What happens to the slope of the relationship as hours studied increase? d. Suppose Jamie can enroll in an SAT prep course and, by so doing, for every possible number of hours he studies, his score will be 100 points higher. Plot the new relationship between the number of hours studied and Jamie's SAT score in the figure. e. How many variables are involved in the figure you just completed?
With no international trade, the U.S. price of wheat is lower than the world price of wheat
This indicates that the United States ________ a comparative advantage in the production of wheat and with international trade, the United States will ________ wheat. A) has; export B) has; not trade C) has; import D) does not have; export E) might have; export
The long-term impact of Munn v Illinois (1877) on regulatory efforts was
(a) to hold back federal efforts to regulate business. (b) to prevent states from regulating interstate trade. (c) to provide a temporary justification for regulating business. (d) to establish government as able to regulate all businesses permanently.
According to the theory of rational expectations, the government can influence output
a. with appropriate fiscal and monetary policy. b. in the short run, but not in the long run. c. without affecting the price level. d. only by making unexpected changes that impact aggregate demand.