Based on Figure 1, choose the right statement. Assume that cloth is the labor- intensive commodity and that corn is the capital-intensive commodity. 1) The output of cloth less than doubled because of lack of enough demand. O 2) The output of cloth less than doubled because capital is not used in the cloth production. 03) The output of cloth less than doubled because labor is the only factor of production. .O The output of cloth less than doubled because only labor increased. 4) Figure 1. Economic growth Com (Tons) 80 70 130 250 Cloth (Yards)

Based on Figure 1, choose the right statement. Assume that cloth is the labor- intensive commodity and that corn is the capital-intensive commodity. 1) The output of cloth less than doubled because of lack of enough demand. O 2) The output of cloth less than doubled because capital is not used in the cloth production. 03) The output of cloth less than doubled because labor is the only factor of production. .O The output of cloth less than doubled because only labor increased. 4) Figure 1. Economic growth Com (Tons) 80 70 130 250 Cloth (Yards)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Dead capital is Select one: O A. useful only if employed in a labor-intensive production process. O B. useful only if employed in a capital-intensive production process. O C. unlikely to have any productive use. O D. unlikely to be applied to its most efficient use.
If a decrease in the price of capital results in increased demand for capital and a proportional increase in the demand for labour, then capital and labour are best described as O A perfect substitutes. O B. gross complements. O C. complements in production. O D. gross substitutes.
Suppose our exports to Canada fall because of their recession. On impact, our will shift downward. Eventually, our will shift downward and the new equilibrium Tt will be O a. ADT; ASīt; higher O b. AST; ADt; higher AST; ADTt; lower O d. ADT; AST; lower
The table below pertains to Pieway, an economy in which the typical consumer's basket consists of 15 bushels of peaches and 10 bushels of pecans. Year Price of Peaches Price of Pecans 2012 $11 per bushel $6 per bushel 2013 $9 per bushel $10 per bushel Refer to Table 24-2. The cost of the basket in 2012 was O a. $212.50. O b. $235. ○ c. $200. O d. $225.
If John didn't go to the movie tonight with a friend, he would save the $5 parking fee and spend four hours at working overtime at $15 per hour. The opportunity cost of spending the evening at the movies with his friend is: O A. $0 OB. $5 C. $60 O D. $65
Rent / Unit m lo O Equilibrium occupancy O Market rent O Vacancy O Shortage O Interest rate D Supply Demand Existing Stock of Space Consider the figure above. Point E represents: Units of Space
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2. In the United States, two government programs that provide economic assistance to poor families are the Earned Income Tax Credit (EITC) and Temporary Assistance to Needy Families (TANF). According to economic theory, how do these programs affect the labor supply of eligible families? O Both programs increase labor force participation. O Both programs decrease labor force participation. O The EITC increases labor force participation, whereas TANF decreases labor force participation. O TANF increases labor force participation, whereas the EITC decreases labor force participation. O Among those who work, both programs increase hours of work.
Based on the figure below, what is the worker's hourly wage? Income $192 O $10 O $12 O $16 O $192 0 16 16 Hours of Leisure 0 Hours of Labor
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Solve both of the subparts