Refer to Scenario 10.2. How much profit does the monopolist earn?
A) $4512.50
B) $4987.50
C) $475.00
D) $5.00
A
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Jacinda quit her job as a blackjack dealer where she made $42,000 per year to start her own florist business. Her business expenses are $14,000 per year on rent, $21,000 per year on supplies, and $9,000 per year on part time hel
A) $104,000 B) $86,000 C) $62,000 D) $44,000
A shoe salesman working on commission must decide whether to work hard or shirk. Working hard would increase the probability of a sale from 20% to 70% but would cost him $5 . If the average price of shoes is $100, what is the minimum commission rate would induce him to work hard?
a. 4% b. 6% c. 8% d. 10%
Which statement is true?
A. Comparative advantage and absolute advantage are identical terms. B. A country can have a comparative advantage without having an absolute advantage. C. The U.S. has a comparative advantage and an absolute advantage with nearly all of its trading partners. D. Trade cannot take place unless each trading partner has an absolute advantage in the production of the good or service that it is trading.
Per capita GDP will definitely fall if
A. The rate of economic growth is less than the rate of population growth. B. There is a decrease in the size of the working population. C. The population falls. D. The rate of economic growth falls.