Refer to the above table. How many worker will this firm hire if the weekly wage rate is $1350?
A) 28
B) 25
C) 26
D) 27
B
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If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were open to free trade, domestic producers would produce how many units?
A. 60 B. 90 C. 115 D. 150
Which of the following is true of exchange?
A) Exchange permits trading partners to expand their total output of goods and services as the result of greater specialization in areas where each has a comparative advantage. B) The total output that trading partners are able to produce is not influenced by whether they trade with each other. C) Exchange is a zero sum activity; if one party gains, the other must lose an equal amount. D) The exchange value of a good is determined by the cost of the resources required to pr
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.