Suppose you operate a factory that produces 500 lawn mowers a week. If your weekly variable cost is $40,000 and your weekly total cost is $50,000, the average:
A. cost of production is $80.
B. fixed cost of production is $80.
C. variable cost of production is $100.
D. fixed cost of production is $20.
Answer: D
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Apply what you have learned about development and development theories so speculate on the following thought experiment: What if anything might be different about today's international economic order if the Spanish had colonized North America and
the English had colonized South America?
Figure 5-5
Figure 5-5 shows a consumer budget line for French fries and hamburgers. The household allocates a budget for these two goods.. If the price of an order of french fries is $2, how much income is allocated to fries and burgers combined?
a.
$2
b.
$4
c.
$20
d.
$40
The AFL split in 1935 because of a dispute over
A. whether to organize along craft or industrial lines. B. whether or not to strike. C. whether or not to support President Roosevelt for reelection. D. whether or not to expel the Teamsters Union for corruption.
Suppose the local market for legal services has an upward sloping supply curve, PL = 150 + 0.0001QL where PL is the price of legal services and QL is the number of hours of legal services
If the equilibrium price of legal services is $250 per hour, what is the aggregate economic rent earned by lawyers in this market? A) $50,000 B) $1,000,000 C) $50,000,000 D) $100,000,000