Suppose That Real Domestic Output in an Economy Is 20

question 17

Multiple Choice

Suppose that real domestic output in an economy is 20 units, the quantity of inputs is 10, and the price of each input is $4. The per-unit cost of production in the economy described is

• A) $0.50.
• B) $1.
• C) $2.
• D) $5.

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Definitions:

Overline

A line drawn over a symbol or number, often used in mathematics to indicate a repeating decimal or a geometric figure's conjugate.

Denominator

The bottom number in a fraction that shows into how many parts the whole is divided.

Three Figure Accuracy

The accuracy of a number rounded to the nearest hundred; signifies a level of precision.

Pair of Equations

A pair of equations that are simultaneously solved to identify a shared solution for their variables.