Refer to the table below. If Gorgeous Sands Resort produces the profit-maximizing number of resorts and charges the profit-maximizing price, what is their total profit?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $525,000
B) $285,700
C) $487,500
D) $300,000
C) $487,500
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Data for an economy show that the unemployment rate is 6 percent, the participation rate 60 percent, and 200 million people 16 years or older are not in the labor force. How many people are unemployed this economy?
A. 12.0 million B. 28.8 million C. 18.0 million D. 43.2 million
Recall the Application. If the organization in New Zealand was successful in getting the Olympics to include sheep shearing as a spectator sport, and this helped to raise the world price of wool, the quantity of wool supplied would ________ because
the market supply curve for wool is ________ sloped. A) decrease; negatively B) increase; negatively C) increase; positively D) decrease; positively
The selling prices of goods and services in the open market is called the _______ value.
a. exchange b. sale c. money d. risk e. none of the above
The years after 1960 witnessed some social and economic changes of extraordinary magnitude, including all of the following except
(a) The core of U.S. growth shifted away from its historic base in heavy industry. (b) A huge influx of women into the labor force occurred. (c) Legislation provided for greater safety on the job and cleaner air and water. (d) The Cold War ended in the early 1970s, following the end of the Vietnam War, and defense spending declined significantly from the Cold War years of the 1950s.