A firm's total cost is $10,000. Its variable cost is $5,500. What is the firm's fixed cost?
a. $2.22
b. $3,500
c. $4,500
d. $5,500
e. none of the above
c. $4,500
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Your wage this year is $15 per hour and the CPI is 178. Next year you get a raise to $17 and the CPI rises to 185. What has happened?
A) Your real and nominal wages have each increased by the same percentage. B) Your real wage has increased but by a smaller percentage than your nominal wage. C) Your nominal wage has increased but your real wage has declined. D) Your nominal wage has increased but your real wage has not changed. E) Your real wage rate has increased by a larger percentage than your nominal wage.
What factors will shift the supply and demand for currency?
A firm is currently hiring capital and labor so that MPL/PL < MPK/PK. If the firm wishes to maximize profits it should hire
A. more labor and less capital. B. less labor and less capital. C. less labor and more capital. D. more capital and more labor.
Literacy rates in the Global South ________ the Global North.
A. have caught up to those in B. are falling even farther behind those in C. are still significantly lower than those in D. have surpassed those in