Use the above table and assume a fixed cost of $200. At an output of 0, total cost is
A. 0.
B. $100.
C. $200.
D. $300.
C. $200.
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Which of the following is an example of a resource?
a. Land b. Capital c. Entrepreneurship d. All of the above are resources
In a simple lawn-mowing business where you have a push mower and labor as input, what would be the impact of adding an additional input in the form of a gas self-propelled mower (capital)?
A. Average product and marginal product would fall. B. Average product and marginal product would rise. C. Average product would rise, and marginal product would fall. D. Average product would fall, and marginal product would rise.
Look at today's Wall Street Journal. What is the leading economic news story? With which of the big economic questions does it deal and what tradeoffs does it discuss or imply?
What will be an ideal response?
Phil Harrison is a welder who works on skyscrapers and extension bridges. Phil's brother William is also a welder but he works in a manufacturing plant where he does all of his welding on ground level
Which of the following would not explain why Phil earns a higher wage than his brother? A) cognitive dissonance B) Phil's marginal revenue product is greater than William's marginal revenue product. C) Phil has greater experience as a welder than his brother has. D) Phil's job is more hazardous than William's job.