High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $30?
A. 3
B. 2
C. 4
D. 1
Answer: C
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Which of the following best describes a typical business cycle?
A) Economic expansions are followed by economic contractions. B) Inflation is followed by unemployment. C) Trade surpluses are followed by trade deficits. D) Stagflation is followed by inflationary economic growth.
When a tax is placed on the sellers of energy drinks, the
a. sellers bear the entire burden of the tax. b. buyers bear the entire burden of the tax. c. burden of the tax will be always be equally divided between the buyers and the sellers. d. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal.
If demand rises and supply rises, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
Which of the following functions of money would be violated if inflation were high?
A) unit of account B) store of value C) certificate of gold D) medium of exchange