Which of the following has a production process that would be considered capital intensive?
A. Auto manufacturing
B. A chorale
C. Serving food at a restaurant.
D. Police detective work
Answer: A
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A worker within the middle-income class is preparing to retire. In the year before he retired, his gross monthly earnings are $2,500. His Social Security benefits will be $1,500 per month. Before he retired, his income was subject to a tax of 30 percent. Find his before-tax and after- tax replacement rates.
What will be an ideal response?
When the price of hamburgers is $3.50, consumers buy 1100 hamburgers. When the price is $4.50, consumers buy 900. What is the price elasticity of demand in this range? (Use arc elasticity.)
a. 0.8 b. 200 c. 1.25 d. 0.005 e. none of the above
An inferior good is one for which
A) demand increases as income increases. B) demand decreases as income increases. C) the demand curve is vertical. D) the demand curve slopes up.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.