A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000. What is average variable cost?
A. $16
B. $0.32
C. $20
D. $1,280
E. none of the above
Answer: C
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Which of the following must occur as a result of ceilings on apartment rents that are set below market clearing rental rates?
A) Property owners respond to the ceilings by increasing maintenance and repairs. B) Property owners respond to the ceilings by constructing new apartment buildings. C) There is a decrease in the quantity of apartments that prospective tenants wish to rent. D) There is a decrease in the quantity of apartments that property owners offer for rent.
Which of the following factors pushes the per-worker production function of an economy downward?
a. A stable political environment b. A high risk of terror attack c. An increase in educated workforce in the country d. An increase in road networks in the country e. A law encouraging foreign investment
People with less education are:
A. more likely to be unemployed than people with more education. B. less likely to be unemployed than people with more education. C. just as likely to be unemployed than people with more education. D. not comparable to people with more education.
Normal Balance
What will be an ideal response?