Suppose Sam's Shoe Co. makes only one kind of shoe, which sells for $50 a pair. If they sold 500,000 pairs of shoes, then their total revenue would be:
A. $25,000,000.
B. $10,000.
C. $2,500,000.
D. Cannot answer this question without knowing the cost per pair.
A. $25,000,000.
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Of the three major economic questions, which of the following is the best example of a "How?" question?
A) Should we produce more heavy fleece coats? B) Should we spend more on health care? C) Should we collect tolls on turnpikes using human toll collectors or mechanized toll machines? D) Should we eat more oatmeal? E) Should we build log homes or build factories from bricks?
The pay-as-you-go nature of the Social Security system means that _____
a. current beneficiaries are paid out of general tax revenues
b. current beneficiaries are paid out of the payroll taxes levied on current workers
c. current beneficiaries are paid based on contributions made during their last five working years
d. current beneficiaries are paid out of current earnings on the Social Security trust fund
If a production function has the property of diminishing marginal product, then doubling:
A. all of the inputs will less than double the output. B. all of the inputs will double the output. C. all of the inputs will more than double the output. D. one of the inputs will reduce its marginal product.
Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodity If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would
What will be an ideal response?