Suppose That an Economy Produces 500 Units of Output

question 121

Multiple Choice

Suppose that an economy produces 500 units of output. It takes 10 units of labor at $15 a unit and 4 units of capital at $50 a unit to produce this amount of output. The per unit cost of production is

• A) $1.42.
• B) $1.24.
• C) $0.70.
• D) $0.40.

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Definitions:

Central Values

Fundamental beliefs or principles that are widely held or given primary importance in a society.

Entire Class

Refers to all members within a defined category or group, without exception.

Average

A statistical measure representing the central or typical value in a set of data, calculated as the sum divided by the count of numbers.

American Women

Women who are citizens of, or live in, the United States of America.