Refer to the given data. If the firm is hiring workers under purely competitive conditions at a wage rate of $22, it will employ:
A. 1 worker.
B. 2 workers.
C. 3 workers.
D. 4 workers.
C. 3 workers.
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If Country A has an absolute advantage over Country B in the production of every commodity:
a. mutual gains from trade between Country A and Country B would be impossible. b. Country B would be able to gain from trade but not country A. c. the joint output of the two countries could not be increased through specialization and exchange. d. mutual gains from trade would still be possible.
All of the following are properties of typical indifference curves except
a. higher indifference curves are preferred to lower ones. b. indifference curves are downward sloping. c. indifference curves do not cross. d. indifference curves are bowed outward.
Which of the following statements is true?
A) Opportunity cost = explicit cost - implicit cost. B) Variable cost = wages + salaries + benefits. C) Total cost = fixed cost + variable cost. D) Total cost = fixed cost + implicit cost.
If the U.S. price level decreased relative to price levels in foreign countries, what would be the impact on domestic aggregate supply and aggregate demand curves?
a. the aggregate supply curve would shift outward and the aggregate demand curve would remain unchanged b. the aggregate supply curve would shift inward and the aggregate demand curve would remain unchanged c. the aggregate demand curve would shift outward and the aggregate supply curve would remain unchanged d. the aggregate demand curve would shift inward and the aggregate supply curve would remain unchanged e. the domestic aggregate demand and supply curves would remain unchanged