In the following graph, the price of capital is $100 per unit; the price of labor is $25 per unit. When output is 30 units, what is TOTAL cost?
A. $10,000
B. $20,000
C. $2,000
D. $1,000
E. none of the above
Answer: A
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Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called
A) commodity markets. B) fund-available markets. C) derivative exchange markets. D) financial markets.
Increasing productivity per person:
A. is highly desirable, as it leads to economic growth. B. is unavoidable, and macroeconomists work to prevent it. C. can harm an economy if misallocated. D. is highly undesirable, as it leads to increases in GDP per capita.
The statistic called Gross Output (GO) is bigger than GDP, because GO sums up the values in all stages of a productive economy, whereas GDP accounts only for the final stage.
Indicate whether the statement is true or false
Which of the following are residents of rich countries likely to have in greater quantities, or better quality, than residents of poor countries?
a. housing b. healthcare c. life expectancy d. All of the above.