A labor-leisure budget constraint is represented on a graph as a:
a. horizontal line
b. vertical line.
c. downward-sloping straight line.
d. upward-sloping straight line.
c
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A "great merger movement," whereby firms combined with former rivals to become large firms, began in the 1890s. Who was the first President to look to bigger government as a way to cope with the economic power of these concentrated industries?
(a) Woodrow Wilson (b) Herbert Hoover (c) Theodore Roosevelt (d) Franklin Roosevelt
Suppose Bev's Bags makes large handbags and small handbags. They sold 70,000 large bags for $45 each and 25,000 small bags for $15 each. If the company had total costs of $2,000,000, what was the profit for this company?
A. $1,525,000 B. $3,525,000 C. $375,000 D. $850,000
The total revenue from selling trucks is equal to
a. the price of a truck times the quantity sold b. the change in quantity sold divided by the change in price c. average cost times quantity produced d. the price of a truck times the quantity produced e. the price of a truck times the price elasticity of demand
Which group has the highest poverty rate from among these groups?
A. Children under 18 B. Persons over 65 C. White males D. Members of working class families