High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70?
A. 3
B. 4
C. 1
D. 2
Answer: D
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Few bother to think about what makes Florida oranges show up daily in South Dakota supermarkets, but the people of South Dakota are likely to think a great deal about this. Why does someone take the time and energy to assure that oranges that are grown in Florida move more than 1,000 miles before they appear on grocery shelves?
What will be an ideal response?
When real Gross Domestic Product (GDP) exceeds total planned real expenditures,
A) a higher level of equilibrium real Gross Domestic Product (GDP) will prevail. B) the circular flow will increase. C) a lower level of equilibrium real Gross Domestic Product (GDP) will result. D) there will be unplanned decreases in inventories.
How can regional concentration of firms in an industry lead to external economies of scale? Give examples of these types of industrial clusters in the United States. Are they always beneficial?
What will be an ideal response?
In 2012, the number of workers per Social Security beneficiary was approximately ____; by the year 2030, this figure is expected to ____
a. 5; increase to approximately 8 b. 2.9; fall to approximately 2.2 c. 2.2; increase to approximately 3.2 d. 8; fall to approximately 5