Barbara owns a small shop where dresses are made. At the end of a given month, she has 250 dresses. Her expenses for the month are $1,000 for rent, $6,000 for wages, $1,500 for fabric and thread, and $500 for electricity. Her total variable costs for the month are:
A. $8,000.
B. $4,000.
C. $32 per dress.
D. $7,500.
Answer: A
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As output increases, economies of scale occur when the
A) long-run average cost increases. B) long-run average cost decreases. C) short-run average total cost decreases. D) long-run average cost stays constant. E) long-run fixed cost decreases.
The final market value of a good is _____
a. the sum of the value added at all stages of production b. the value added at one stage of production c. greater than the sum of all the values added at all stages of production d. less than the sum of all the values added at all stages of production e. the value added at the final stage of production
In the 48-year period of 1960 to 2008 , the approximate shares of U.S. GDP are
a. consumption 15 percent; investment 65 percent; government 20 percent; net exports zero b. consumption 20 percent; investment 65 percent; government zero; net exports 15 percent c. consumption 65 percent; investment 15 percent; government 20 percent; net exports zero d. consumption 65 percent; investment zero; government 20 percent; net exports 15 percent e. consumption 15 percent; investment 20 percent; government 65 percent; net exports zero
Employer-provided private health insurance in the United States has resulted in:
A. incentives that encourage the overuse of health care. B. incentives that discourage the use of health care, and overall poorer health. C. lower costs of health care as providers better achieve economies of scale. D. comprehensive coverage of the U.S. population, with few lacking access to adequate health care.