Assume it takes 10 units of labor to produce 4 units of output. When the price of labor is $6 per unit and fixed costs equal $60, what is the total cost of those 4 units of output?
A) $60
B) $70
C) $120
D) $84
Answer: C
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Refer to the figure above. Domestic producers gain ________ because of the tariff
A) $5 B) $62,500 C) $15 D) $125,000
The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. What is the opportunity cost of producing a bushel of corn in the United Kingdom? Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25
A. Eight umbrellas B. 1/8 of an umbrella C. Three umbrellas D. 1/3 of an umbrella
Which of the following is not one of the five fundamental questions that an economy must deal with?
What will be an ideal response?
The process by which new firms and new products replace existing dominant firms and products is called:
A. monopolistic competition. B. the inverted-U process. C. process innovation. D. creative destruction.