Which furniture production process would have the highest wage rates?
A. Furniture made by handsaw and hammer
B. Furniture made with power equipment
C. Furniture with a mix of handmade and automated labor
D. Furniture made in an automated furniture factory
Answer: D
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Fixed costs are defined as
a. the total costs of a firm's production b. the additional cost of the last unit produced c. costs that increase proportionately as the quantity produced increases d. costs that do not vary as quantity produced increases e. implicit costs only
Other things equal, the wage rate will be higher in a job that requires close monitoring by a supervisor since few individuals are eager to work in such an environment
a. True b. False
If the price of a product is $12, its average total cost is $2 and its average variable cost is $15 at the profit-maximizing output level, in the short run the firm:
A. should expand output until MR = MC. B. cannot cover total fixed costs. C. experiences a loss. D. must always shut down.
An expansionary monetary policy in the United States should
A) cause the dollar to appreciate. B) decrease the foreign currency price of U.S. exports. C) decrease net exports. D) decrease the dollar price of imports.