Exhibit 11-11 Labor wage and cost data
Labor
Wage
TWC
MFC10
$      
$  50.00
$        
11
  5.80
  12
    17.80
13
   102.70
 14
   126.00
 15
    46.50

In Exhibit 11-11, the wage required to hire 12 employees is equal to:

If government spending is $6.2 trillion while government revenue is $6.2 trillion, the government is said to have a

A) balanced debt. B) balanced budget. C) budget surplus. D) budget deficit.

Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market

A) must have many buyers and only one seller, who is willing to sell to all the buyers. B) is only a place to purchase groceries. C) requires a physical location for buyers and sellers to get together. D) must include a written contract between buyers and sellers. E) is any arrangement that brings buyers and sellers together.