A total-cost curve shows the relationship between the
a. quantity of an input used and the total cost of production.
b. quantity of output produced and the total cost of production.
c. total cost of production and profit.
d. total cost of production and total revenue.
b
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When the government sets a price floor which is above the equilibrium price
A. the equilibrium price will be maintained. B. a shortage will develop. C. a price ceiling will follow. D. a surplus will develop.
Which of the following is TRUE about the World Bank?
A. It is a U.S. agency that specializes in development loans. B. It is a multinational agency that specializes in development loans. C. It is made up of all central banks in the world. D. It is a U.N. sponsored agency that specializes in development loans.
Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Estonia consume?
A) 75 B) 100 C) 125 D) 200
A price elasticity of supply of 0.56 means that:
a. for every 10 percent change in price, quantity supplied will move in the same direction by 0.56 percent. b. for every 10 percent change in price, quantity supplied will move in the opposite direction by 0.56 percent. c. for every 10 percent change in price, quantity supplied will move in the opposite direction by 5.6 percent. d. for every 10 percent change in price, quantity supplied will move in the same direction by 5.6 percent.