Suppose that real domestic output in an economy is 300 units, the quantity of inputs is 50, and the price of each input is $9. The per-unit cost of production is:
A. $0.67.
B. $55.00.
C. $33.33.
D. $1.50.
Answer: D
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A consumer prefers market basket A to market basket B, and prefers market basket B to market basket C. Therefore, A is preferred to C. The assumption that leads to this conclusion is:
A) transitivity. B) completeness. C) all goods are good. D) diminishing MRS. E) assumption of rationality.
If 14 workers produce a total of 25 cabinets and 15 workers produce a total of 30 cabinets,
a. the marginal product of the fifteenth worker is 2 cabinets b. the marginal product of the fifteenth worker is 5 cabinets c. the marginal product of the fifteenth worker is 30 cabinets d. the marginal product of the fifteenth worker is $5 e. diminishing returns begins with the fifteenth worker
The wage rate is
A. Not related to labor supply because people must work to survive. B. The payment for labor. C. Not related to the value of leisure because people need to relax. D. The opportunity cost of labor.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.