Refer to Table 8.1. Assume the wage rate is $10 and the firm has $1,000 in unavoidable fixed cost. What is the average cost of producing 65 units of output?

The population of a small town is 5,000. There are 4,000 people in the labor force, and 3,000 people are employed. The unemployment rate equals

A) 25 percent. B) 60 percent. C) 75 percent. D) an undetermined amount given the lack of information.

The United States has benefited from NAFTA substantially in terms of increased ____, which has lowered prices and given consumers more choices.

a. prices b. variety c. manufacturing jobs d. quality