It costs View Your World, a high-end window manufacturer, $30 for each order of windows they place. View Your World sells 3,000 windows a year and each window that is held in inventory costs $200 per year. What is the economic order quantity?
A) 38 B) 10 C) 22 D) 30
D) 30
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The sole proprietor of the Milwaukee Machine Company generates an annual accounting profit of $78,000. She has a standing salary offer of $35,000 a year to work for a large corporation. If she had invested her capital outside her own company, she estimates it would have returned $22,000 this year. What is the sole proprietor's economic profit?
A. $0 B. $21,000 C. $13,000 D. $43,000
A closed economy refers to an economy with
A) no immigration. B) tariffs and import quotas. C) government control of all factors of production. D) no international trade.
The number of persons who could become lawyers or surgeons is potentially quite large, yet these two groups earn fairly high incomes. One of the main reasons why they do is the
A. return on the investment of many years of training. B. evening-out of their low income during schooling. C. rent on their unique and rare talents. D. scarcity value of their abilities.
In Figure 3-7 above, the multiplier for a change in autonomous taxes is
A) 5. B) 4. C) 2.50. D) 1.