High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $50?
A. 5
B. 3
C. 2
D. 1
Answer: D
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The North American Free Trade Agreement signed in 1993 lowered tariffs among the United States, Canada, and Mexico. What would proponents of the treaty consider to be the likely benefits?
What will be an ideal response?
You raise your product price by $10 in market A but leave it unchanged in market B. Sales in A fall from 840 to 740 units per week while sales in B rise from 770 to 790 units. The Difference-in-difference estimate of the effect of the price change is:
a. 80 units b. 100 units c. 120 units d. 140 units
In terms of the aggregate demand and aggregate supply framework, the Great Depression can be viewed as a: a. rightward shift of the aggregate demand curve
b. rightward shift of the aggregate supply curve. c. downward movement along the aggregate demand curve. d. a leftward shift of the aggregate demand curve. e. a leftward shift of the aggregate supply curve.
If the amount of carbonated sodas consumed continues to decline as consumers continue to choose to buy healthier products, this will likely
A) increase the demand for premium water, because premium water and carbonated sodas are considered complements. B) increase the demand for premium water, because premium water and carbonated sodas are considered substitutes. C) decrease the demand for premium water, because premium water is considered an inferior good and carbonated sodas are considered normal goods. D) decrease the demand for premium water, because premium water is considered a normal good and carbonated sodas are considered inferior goods.