Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. If the hourly wage rate is $10 and the hourly price of capital is $50, which production technology should be selected?
A. A
B. B
C. C
D. D
Answer: D
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When the price of insulin is $10, consumers demand 100 units; when the price is $15, consumers demand 100 units; and when the price is $20, consumers demand 100 units. Based on this information, the demand for insulin is:
A. perfectly inelastic B. elastic C. unit elastic D. perfectly elastic
How can technology help mitigate the effects of climate change?
What will be an ideal response?
The number of people officially unemployed is not the same as the number of people who can't find a job because:
a. people who have jobs continue to look for better ones. b. the armed forces is included. c. discouraged workers are not counted. d. none of these.
Depreciation is:
A. what is left over from total new private investment after use for a year. B. the total amount of private investment purchases, whether new or previously existing. C. the total amount of new private investment purchases. D. the wear and tear on private investment.