Based on the data in the above table, at what level of output does the marginal cost start to rise at Jefferson's Cleaners?
A) 45 suits per day
B) 47 suits per day
C) 74 suits per day
D) 85 suits per day
B
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If a company triples its output and its average cost decreases, then the firm is definitely experiencing
A) diseconomies of scale. B) decreasing marginal returns. C) increasing marginal returns. D) economies of scale. E) Both answers C and D are correct.
If demand for Farmer John's maple syrup is inelastic, then when Farmer John raises the price of maple syrup, his total revenue will
A) increase. B) decrease. C) stay the same. D) probably change, but more information is needed to determine if the total revenue increases, decreases, or stays the same.
Official data may overstate the extent of poverty because
A. poverty is a relative concept as opposed to an absolute concept. B. it does not add “in-kind” transfers to the incomes of the poor. C. it overstates the taxes paid by the poor. D. it overestimates the amount the poor earn in the “underground economy.”
When there is a permanent fall in the foreign money supply, the exchange rate:
a. falls in the short run and rises slightly in the long run. b. falls in the short run and falls more in the long run. c. rises in the short run and falls slightly in the long run. d. rises in the short run and rises more in the long run.