Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Two possible consumption bundles that Country A could produce are:
A. (5,000 bananas, 1,000 tomatoes) and (1,000 bananas, 5,000 tomatoes)
B. (5,000 bananas, 0 tomatoes) and (2,500 bananas, 500 tomatoes)
C. (2,500 bananas, 500 tomatoes) and (1,250 bananas, 800 tomatoes)
D. (2,500 bananas, 750 tomatoes) and (1,250 bananas, 750 tomatoes)
B. (5,000 bananas, 0 tomatoes) and (2,500 bananas, 500 tomatoes)
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Refer to the scenario above. Jack will derive ________ units of utility if he tries to move the tree while Jill does not try at all
A) 5 B) -5 C) -2 D) 10
The increase in the quantity of labor supplied in response to a higher wage is called the:
A. price effect. B. labor effect. C. income effect. D. substitution effect.
A monopolistic competitor is like a monopolist in the short run in that when economic profits are
A) equal to zero, price equals marginal cost. B) equal to zero, price below marginal cost. C) greater than zero, changes in output are due to changes to plants by existing firms and there is no entry. D) greater than zero, price exceeds marginal cost.
You are the owner of the Voracious Vegetarian, a single-business healthy fast-food restaurant. Your strategy-making hierarchy would most likely consist of
A. business strategy, divisional strategies, and departmental strategies. B. corporate strategy, divisional strategies, and departmental strategies. C. business strategy, functional strategies, and operating strategies. D. managerial strategy, business strategy, and divisional strategies. E. business strategy, divisional strategy, and operating strategy.