Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 100, the total cost is:
A. $2,800.
B. $4,500.
C. $6,300.
D. $7,000.
Answer: D
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Which of the following observations about outsourcing is true for the U.S. economy?
a. The U.S. is the smallest international outsourcer in terms of dollar value. b. About 30 percent of U.S. manufacturing costs were outsourced in 2003. c. The highest percentage of outsourcing by U.S. businesses in 2003 was to other firms located in the United States. d. Imports of business services by the U.S. made up around 2.5 percent of gross domestic product in 2003.
Explain two reasons why economic forecasting can only be of limited use
The price of a stock should equal the face value of its expected future dividends.
Answer the following statement true (T) or false (F)
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.