Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 If Smith and Jones devote all of their resources to producing computers, then the maximum number of computers they can produce in an hour is:
A. 16.
B. 10.
C. 6.
D. 120.
Answer: A
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The demand curve faced by a monopolistically competitive firm is
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.
Consider two people, Sandy Roos, who earns $25,000 . and Gary Behrman, who earns $50,000 . If the flat-tax rate is 20 percent, then
a. the government collects a total of $20,000 b. Gary pays twice the tax amount Sandy pays c. Gary pays three times the tax amount Sandy pays d. Gary and Sandy pay exactly the same tax amount e. Gary pays $15,000 in taxes
Is GDP a good measure of our economic well being? Explain.
The total revenue of a perfectly competitive firm is calculated by
A) multiplying average revenue by price. B) dividing price by quantity. C) multiplying price by quantity. D) multiplying quantity by average total cost.