A business owner makes 50 items a day. She spends 8 hours in producing those items. If hired elsewhere she could have earned $10 an hour. The item sells for $10 each. Production occurs seven days a week. If the explicit costs total $10,000 a month the economic profit for the month equals:
a. $2,600
b. $2,240
c. $11,760
d. $5,000
a
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When Americans decrease their demand for Japanese goods
A) the supply of dollars will fall, and the demand for yen will fall. B) the supply of dollars will rise, and the demand for yen will rise. C) the demand for dollars will rise, and the demand for yen will rise. D) the demand for dollars will fall, and the demand for yen will rise.
Which type of restriction on quantity of imports is the most transparent?
A) Quota B) Licensing requirements C) Voluntary export restraints D) Government procurement policies
If prices rise in Japan, everything else constant, the dollar __________ against the yen and the yen __________ against the dollar
A) appreciates; appreciates B) appreciates; depreciates C) depreciates; appreciates D) depreciates; depreciates
Which of the following countries experienced a decline in total output from 2000 to 2015?
A. China. B. Canada. C. Zimbabwe. D. Burundi.