One out of every ____ people on this planet lives in China.
Fill in the blank(s) with the appropriate word(s).
Answer: 5
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Refer to Table 17-5. Oil Can Harry's, a new automobile service shop, is ready to start hiring. The table above shows the relationship between the number of mechanics the firm hires and the quantity of oil changes it produces
a. Suppose the price of an oil change is $20. Complete the table by filling in the values for marginal product and marginal revenue product. b. Oil Can Harry's is an input price-taker. Suppose the wage paid to mechanics is $80 per day. What is the profit-maximizing number of mechanics? c. Suppose the wage rate rises to $100 per day. (i) What happens to the firm's demand curve for mechanics? (ii) What happens to the profit-maximizing quantity of mechanics? d. Suppose the wage rate is $60 per day and the price of an oil change is now $15. (i) What happens to the firm's demand curve for mechanics? (ii) What happens to the profit-maximizing quantity of mechanics?
The Keynesian short-run aggregate supply (SRAS) curve is
A) upward sloping. B) vertical. C) horizontal. D) downward sloping.
In the above figure, along which range would total revenue rise by lowering prices?
A) between point a and point b B) between point c and point d C) between point d and point e D) below point e
The law of diminishing returns implies:
A. The more hours you spend studying the less you will know B. Your understanding will be increased by decreasing your marginal study time C. Eventually, the more hours you spend studying per day, the less you will learn with each added hour D. The more hours you spend studying per day, the more you will learn with each added hour