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Midterm Test for Economic Thinking

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Midterm Test for Economic Thinking
• Question 1
2 out of 2 points
| | |
|[pic] |In making a decision about whether to increase its advertising budget the firm management should not consider | | | |
| | | | | |
| | | | | |
| |Answer | | | |
| |Selected Answer: | | | |
| |[pic] | | | |
| |interest payments on the firm's loan. | | | |
| | | | | |

• Question 2
2 out of 2 points
| | |
|[pic] |A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently | | | |
| |has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 | | | |
| |additional patients. If doctors make $60,000 a year and nurses make $20,000 a year, the clinic | | | |
|
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