Refer to Table 15-2. What is the amount of profit that the firm earns?
A) $34.50 B) $42 C) $47 D) $49
D
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Once production has reached the maximum average product of labor, if production increases then
A) average fixed cost rises. B) total costs decrease. C) total product decreases. D) decreasing marginal returns occur. E) the plant size must be increased.
What is the difference between net exports and the current account balance?
What will be an ideal response?
In the antebellum economy of the South, what was not produced for subsistence consumption?
(a) Corn (b) Cotton (c) Cattle (d) All of the above
What does the negative slope of the production possibilities frontier imply?
A) Diminishing marginal utility. B) The only way to increase one person's utility is to decrease the other's. C) Diminishing marginal rates of technical substitution. D) The only way to increase output of one good is to decrease output of another.