Farmer Jane grows wheat on land that is bought and paid for. She figures her profit per acre is $60 because she puts $30 of purchased inputs onto each acre, $10 worth of her time into working on each acre, and the harvested wheat sells for $100. Farmer Jane
a. has correctly calculated her economic profit.
b. has forgotten to include the opportunity cost of the land in her calculation of profit.
c. should not have included the value of her time in calculating profits.
d. should not have included any costs in calculating her economic profit.
b. has forgotten to include the opportunity cost of the land in her calculation of profit.
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In January of 2001, the population of the United States was 276.8 million, the working-age population was 210.2 million, the total number of people employed was 140 million, and the total number of people unemployed was 5.0 million
What was the labor force participation rate? A) 78 percent B) 56 percent C) 69 percent D) 90 percent E) 67 percent
Which of the following cost relationships is not true?
A) AFC = AC - MC B) TVC = TC - TFC C) The change in TVC/the change in Q = MC D) The change in TC/ the change in Q = MC
The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, producer surplus
A) increases. B) decreases. C) stays the same. D) changes in a direction that cannot be determined from the information given.
A(n) ________ is represented by a leftward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve
A) decrease in demand; increase in demand B) decrease in demand; increase in quantity demanded C) increase in demand; decrease in quantity demanded D) decrease in quantity demanded; decrease in demand