A café owner near a beach employed five staff and paid them each $10 an hour. During the holiday season two extra staff were needed. To get extra staff the employer had to increase the hourly rate for all staff to $12 an hour. What was the marginal cost each hour of employing two extra staff? A $2 B $24 C $34 D $84

Jam and honey are substitutes. Honey and beeswax are in joint supply. Other things being equal, what will be the resu…

For price to act as a rationing mechanism for a final product, the effect of a rising price must be to

Explain the factors that are likely to make the supply of a product relatively price inelastic.

What would identify a country with a fundamental balance of payments disequilibrium?

At present, one unit of a country's currency exchanges for US1.20. The country aims to set its exchange rate at US1.0…

A country's terms of trade increased from a base year value of 100 to 120 in the following year. If export prices had…