If: (1) you produce 1,000 units, (2) your total revenue is $7,500, (3) the wage rate you pay each of the 10 workers you hired is $9.50 per hour, and (4) they each work 8 hours to produce that 1,000 units, then you should not shut down
Indicate whether the statement is true or false
F
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Suppose there are only two goods: food and clothing. What does it mean for the U.S. to have a comparative advantage in food production?
a. The U.S. needs fewer resources to grow a given amount of food than do other nations. b. The U.S. sacrifices less clothing production to grow a given amount of food than do other nations. c. In the U.S., food production needs fewer resources than does a comparable amount of clothing production. d. In the U.S., food production costs less than does clothing production.
The decision about what goods and services will be produced in a centrally planned economy is made by
A) producers deciding what society wants most. B) lawmakers in the government deciding on what will be produced. C) consumers dictating to firms what they need most. D) workers deciding to produce only what the boss says must be produced. E) consumers and firms choosing which goods and services to buy or produce.
The monetary base is comprised of:
A. commercial bank deposits at the Fed. B. currency held by the public. C. vault cash. D. all of the options listed here.
The Fed accidentally discovered open market operations in the early
A) 1920s. B) 1910s. C) 1900s. D) 1890s.