If an economy can produce a maximum of 10 units of good X and the opportunity cost of 1X is always 2Y, then what is the maximum units of good Y the economy can produce?
A) 5
B) 200
C) 20
D) 500
E) none of the above
C
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A firm has an average total cost of $50. If it sells 20 units of its product at $80 each, what is its profit?
A) $30 B) $600 C) $1,000 D) $1,600
In situations where new technologies are considered complementary to workers, demand for these workers will ________, resulting in ________ in the equilibrium wage
A) decrease; a decrease B) increase; a decrease C) increase; an increase D) decrease; an increase
If Chris pays $500 for a bond that will return $750 in one year, what is the interest rate?
a. 50 percent b. 10 percent c. 25 percent d. 250 percent e. 33 percent
The informativeness principle tells us that:
A. one must only use information that is necessary to develop compensation contracts, as long as the cost of obtaining the information is reasonable. B. one must use as much information as possible to develop compensation contracts, even if the cost of obtaining the information is unreasonable. C. information is overrated because employees can always lie about their performance, and detecting is costly and counter-productive. D. you must use as much information as possible to develop compensation contracts, as long as the cost of obtaining the information is reasonable.