Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of WorkersPizzas Baked Per Day00110218324430532How many workers will Joe hire if he must pay each one $35 a day?
A. 4
B. 2
C. 3
D. 1
Answer: B
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If portable disk players made in China are imported into the United States, the Chinese manufacturer is paid with
A) dollars. B) yuan, the Chinese currency. C) international monetary credits. D) euros, or any other third currency.
In a closed economy, a decrease in government spending while taxes remain the same will be accompanied by
A) a decrease in private investment and an increase in privates saving. B) an increase in private investment and a decrease in private savings. C) a decrease in private investment only. D) an increase in private savings only.
Use the above figure. The profit-maximizing output and price for this monopolistically competitive firm are respectively
A) 100 and $19. B) 160 and $13. C) 160 and $16. D) 210 and $15.
Other things remaining the same, when a fall in the price of one good is followed by an increase in the demand for another good, both goods are said to be:
a. inferior goods. b. substitute goods. c. Giffen goods. d. public goods. e. complementary goods.