Refer to Figure 2-2. If Vidalia chooses to produce 40 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
C
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Which of the following is an example of risk diversification?
A) an individual purchasing only IBM stock B) an insurance company writing earthquake insurance only for the Los Angeles area C) an individual investing all of her savings in a single, new firm D) a lumber mill purchasing trees from various forests across the western United States
When the Rent-A-Limo Company negotiates its new labor contract it finds that the wages it must pay drivers have increased
How does this wage hike affect the Rent-A-Limo Company's average fixed cost, average variable cost, average total cost, and marginal cost?
The exercise of union power will tend to
A. Cause product prices to be lower in unionized industries. B. Cause profits to be higher in unionized industries. C. Increase the supply of labor available to nonunion industries. D. Reduce the supply of labor available to nonunion industries.
Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below.
If the government provides a subsidy of $500 per ton, then the cost of subsidy, which must be borne by taxpayers, will be ________ per day.
A. $2,000 B. $5,000 C. $6,000 D. $500