Which of the Following Is an Example of Something Economists

question 13

Multiple Choice

Which of the following is an example of something economists study?

• A)Mitch chooses to work overtime to earn extra income for his family.
• B)Megan sells her physics textbook from last semester to her roommate for half the price of a new textbook.
• C)The unemployment rate in the United States has fallen by two percentage points in the last few years.
• D)All of the above are correct.

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Definitions:

Machine Hours

The total number of hours that machines are used or operated during a specific time period, often used as a basis for allocating manufacturing overhead.

Direct Labor Hour

A measure of the time spent by workers manufacturing a product or delivering a service.

Special Materials

Unique or unusual materials required for specific production processes or products, often implying additional cost or procurement effort.

Step-fixed Costs

Expenses that remain constant over a range of production but can change when production exceeds certain levels.