Refer to Cost of Production. The short-run total cost of producing 50 units of output per week is $180, but the long-run total cost is
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. $180.
b. $270.
c. $300.
d. $900.
a. $180.
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Suppose the accompanying figure shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist.
The socially optimal level of output is ________ units per day.
A. I B. F C. G D. H
In the United States, exports of goods and services accounted for about what percentage of GDP (total output) in 2011?
A. 6 percent B. 14 percent C. 24 percent D. 42 percent
It is profitable to hire more labor if the price level ________ and the money wage rate ________
A) rises; falls B) rises; rises by the same percentage C) falls; does not change D) falls; rises E) does not change; rises
France is considering implementing policies that will reduce the duration of job search. A possible option is for France to
A) reduce unemployment benefits. B) help negotiate higher union benefits for employed workers. C) increase the minimum wage. D) require all residents between the ages of 19 and 26 to obtain a part-time or full-time job. E) Both answers A and B are correct.