Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206Suppose Smith and Jones begin by producing 16 computers and 0 calculators per hour. If they wish to produce 14 computers and 40 calculators per hour efficiently, then Smith should spend ________, and Jones should spend ________.
A. 30 minutes on each; 30 minutes on each
B. 1 hour on computers; 40 minutes on computers and 20 minutes on calculators
C. 1 hour on computers; 20 minutes on computers and 40 minutes on calculators
D. 45 minutes on computers and 15 on calculators; 1 hour on calculators
Answer: B
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Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one advantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would have the ability to share risk with shareholders. B) As a sole proprietor, Torrie would face limited liability. C) As a sole proprietor, Torrie would have both ownership and control over the business. D) All of the above would be advantages of setting up her business as a sole proprietorship.
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
According to the graph shown, what is the market price?
A. P1 B. P2 C. P3 D. Cannot tell from the graph.
Financial capital is highly volatile, and technological advances have reinforced this volatility
Indicate whether the statement is true or false
Refer to the above table. Country A has a per capita real GDP of $1000 and B has a per capita real GDP of $10,000. A is growing at a rate of 5 percent a year and B at a rate of 4 percent a year. After 50 years, how much larger is per capita real GDP in B than A? How much is this in real dollars?
A. B is a little less than 2 times smaller, or almost $20,000 smaller on a real per capita basis. B. B is 8 times larger, or $175,000 larger on a real per capita basis. C. B is 12 times larger, or $230,000 larger on a real per capita basis. D. B is a little over 6 times larger, or almost $60,000 larger on a real per capita basis.