Fiona and Alicia divide their time equally between ironing shirts and cooking meals. Fiona can iron 5 shirts and cook 2 meals in an hour. Alicia can iron 6 shirts and cook 1 meal in an hour. If they have to iron 15 shirts and cook 5 meals, who should specialize in which activity?
a. Fiona should do all the work.
b. Alicia should do all the work.
c. Fiona should specialize in cooking meals and Alicia should specialize in ironing shirts.
d. Alicia should specialize in cooking meals and Fiona should specialize in ironing shirts.
C
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Use the figure below to answer the following question. 
Assume that price increases from $2 to $10. The price elasticity of supply (based on the midpoint formula) associated with this price change is about
A. 0.25 and supply is inelastic. B. 1 and supply is unit-elastic. C. 1.35 and supply is elastic. D. 4 and supply is elastic.
A grocery store sells soup for $1.50 a can, or $2.50 for two cans. To a customer, the marginal cost of buying the second can of soup is
A. $1. B. $1.25. C. $1.50. D. $2.50.
If net taxes decrease, which of the following would occur?
a. Disposable income decreases, consumption at any income level increases, and the consumption-income line shifts upward. b. Disposable income increases, consumption at any income level increases, and the consumption-income line shifts downward. c. Disposable income increases, consumption at any income level increases, and the consumption-income line shifts upward. d. Disposable income decreases, consumption at any income level decreases, and the consumption-income line shifts downward. e. Disposable income increases, consumption at any income level decreases, and the consumption-income line shifts downward.
The argument that the minimum wage law has significantly increased teenage unemployment is not supported by recent statistical analysis
a. True b. False Indicate whether the statement is true or false