Suppose that the total production of an economy consists of 4 oranges and 10 candy bars, each orange sells for $0.25, and each candy bar sells for $0.50. What is the market value of production in this economy?
A. $6.00
B. $5.00
C. $0.75
D. $1.00
Answer: A
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Figure 5-8
In Figure 5-8, the consumer is indifferent between the combinations of beer and wine coolers indicated by points
a.
A, C.
b.
B, D.
c.
C, B.
d.
A, B.
The imposition of an effective minimum wage in a non-competitive industry might result in
A. more workers being hired. B. workers earning a lower wage. C. an increase in labor demand. D. a decrease in labor supply. E. higher firm profits.
If demand elasticity of airline tickets is 3, what percentage change in quantity would the airlines expect from a 10% increase in price?
What will be an ideal response?
Refer to the information given in Table 16.6 below to answer the question that follows.
Table 16.6
Refer to Table 16.6. Assume that the marginal cost of hiring a police officer is $100. If A and B are the only two people in the society, the optimal number of police officers is
A. 1. B. 2. C. 3. D. indeterminate from this information.