The question below are based on the following four sets of data-pairs: (1) A and B, (2) C and D, (3) E and F, and (4) G and H. In each set, the independent variable is in the left column and the dependent variable is in the right column
The slope of the linear graph that pictures data set 2 above is:
A. .10
B. 20
C. 5
D. 10
Answer: D
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What are some reasons why coordination of economic affairs through the price system may not work perfectly?
What will be an ideal response?
Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four computers. Calculate the marginal factor cost if the computers are sold for $1,000 each, and the firm is maximizing profit. (Assume that marginal revenue product is the product of marginal product of the input and the marginal revenue of the firm.)
a. $4,000 b. $500 c. $1,000 d. $1,500 e. $400
Which of the following statements is not correct?
a. If the signaling theory of education is correct, additional schooling does not affect worker productivity but rather signals a correlation between natural ability and education. b. The theory of efficiency wages suggests that firms pay higher wages to workers in order to induce workers to be more productive. c. Discrimination against workers of a certain race or ethnicity is often in conflict with a firm's desire to maximize profits. d. The theory of compensating wage differentials reflects the different skills, abilities, and productivity of workers.
Assume Robbie's Robots operates in a perfectly competitive market producing 3,000 robots per day. At this output level, the selling price is $800 per robot and the marginal cost is $825 per robot. To maximize profits, Robbie's Robots should
A. make no adjustments as they are already maximizing their profits. B. increase their output. C. decrease their output. D. stop producing since it is earning a loss.