Virginia's Ham Company is currently employing 100 workers at a wage of $6 per hour. The firm produces 30 hams that sell for $12 each. The total labor cost per hour is
a. $180
b. $360
c. $600
d. $1,200
e. $3,000
C
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Answer the next question based on the following data. All figures are in billions of dollars.Gross investment$18Net exports2Residential fixed investment5Inventory investment3Net investment13Consumption (depreciation) of fixed capital is ________.
A. $5 B. $15 C. $13 D. $16
A contestable market is one in which prices are moderated by the
a. need to build an empire b. desire to maximize output c. noncompetitive nature of the market d. threat of potential entry e. regulations imposed by government
A firm that maximizes its profits by producing a certain level of output must also:
a) maximize its revenue. b) minimize its variable costs. c) maximize its output d) maximize its sales. e) minimize its cost of producing that output.
Grapevine Bank receives a deposit of $200,000. Its required reserve ratio is 12 percent. How much of this deposit is available to be loaned to borrowers?
a. $12,000 b. $176,000 c. $200,000 d. $24,000