Refer to the figure above. What is the equilibrium employment when the labor demand curve is LD2 and the labor supply curve is LS2?
A) 10 units B) 20 units C) 5 units D) 15 units
B
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Refer to Figure 4-1. What is the total amount that Kendra is willing to pay for 3 ice cream cones?
A) $2.50 B) $7.50 C) $9.00 D) $13.50
Tommy's Teddy Bears incurs $300,000 per year in explicit costs and $50,000 in implicit costs. The shop earns $600,000 in revenues and has $1.1 million in net worth. Based on this information, what is accounting profit for Tommy's Teddy Bears?
A) $250,000 B) $300,000 C) $500,000 D) $1.35 million
A consumption bundle
A) is a particular combination of consumption and leisure. B) only measures a quantity of goods and services, but not the amount of leisure. C) is a method of bringing home consumption goods. D) measures the quality of a particular good.
You decide to go skiing this weekend. It costs $50 for transportation, $50 for lodging, $30 for ski lift tickets. You are unemployed. What is the total cost of the ski weekend?
A. $230 B. $100 C. $80 D. $130