The above figure shows a labor market with a minimum wage of $8 an hour. How many people are employed when the minimum wage is in place?
A) 40,000
B) 60,000
C) 80,000
D) fewer than 40,000
E) more than 80,000
A
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When a country imports a good or service from the rest of the world, the consumer gains because the greater the ________ in price and ________ in quantity bought, the greater is the ________ to the consumer
A) fall; decrease; gain B) rise; increase; gain C) fall, increase; gain D) fall; increase; loss E) rise; decrease; gain
Refer to Figure 2-2. If Vidalia chooses to produce 60 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
Pedro buys market basket A that includes 10 books at a price of $20 per book and 10 DVDs at a price of $10 per DVD. Market basket B contains 12 books and 12 DVDs. Based on this information, which of the following statements is NOT true?
A) Revealed preference analysis implies that Pedro only prefers basket B to basket A if basket A is more expensive. B) Pedro prefers market basket B to basket A. C) Market basket B will cost more than basket A. D) If the prices change and Pedro chooses market basket C, which now costs the same as basket B, then basket C is prefer to basket A.
Transfer prices
a. are an accounting devise to allocate the costs and revenues of intermediate products across divisions b. increase the 'profits' of the profit center producing the intermediate product when they rise c. decrease the 'profits' of the profit center using the intermediate product when they rise d. all of the above