The graph illustrates the supply of sweaters. Which of the following events will increase the supply of sweaters?
A) a rise in the price of a sweater
B) a rise in the wage rate paid to the workers who make sweaters
C) a rise in the expected future price of a sweater
D) an increase in the number of sellers of sweaters
E) an increase in income if sweaters are a normal good
D
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Suppose a sole proprietorship is earning total revenues of $100,000 and is incurring explicit costs of $75,000. If the owner could work for another company for $30,000 a year, we would conclude that:
A) the firm is incurring an economic loss. B) implicit costs are $25,000. C) the total economic costs are $100,000. D) the individual is earning an economic profit of $25,000.
Much of the writings of Adam Smith are in close agreement with
A) the necessity of trade restrictions. B) the first fundamental theorem of welfare economics. C) the second theorem of welfare economics. D) both B and C above.
The government's budget deficit is financed by some combination of all of the following except
A) private saving. B) transfer payments. C) net exports. D) reduced private investment.
The U-shaped average-total-cost curve reflects the U-shaped average-fixed-cost curve
a. True b. False Indicate whether the statement is true or false