If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales. The industry will be ________
A) large; competitive
B) large; an oligopoly
C) small; competitive
D) small; an oligopoly
Answer: C
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Suppose a country is producing $20 million of real GDP. If the economy grows at 10 percent per year, approximately how many years will to take for real GDP to grow to $80 million?
A) 14 B) 7 C) 4 D) 30
In the short run, if a firm produces nothing, total costs are zero
a. True b. False Indicate whether the statement is true or false
One of the keys to reducing poverty is
A. Government control of resources. B. Increased economic growth. C. The redistribution of existing incomes. D. Increased population growth.
Refer to the following graph.
The maximum amount of good A can be consumed in this economy without trade is
A. Q units. B. F units. C. P units. D. G units.