Rational decision making involves
A. choosing the cheapest option.
B. choosing the highest-quality option.
C. choosing the option that best helps you realize your goals, given your resources.
D. avoiding choices that involve scarce resources.
C. choosing the option that best helps you realize your goals, given your resources.
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Trisha believes the production of a dress requires 4 labor hours and 2 machine hours to produce. If Trisha decides to operate in the short run, she must spend $500 to lease her business space
Also, a labor hour costs $15 and a machine hour costs $35. What is Trisha's cost of production as a function of dresses produced?
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Exhibit 7-9 Cost schedule for firm X OutputQuantity Total FixedCost Total VariableCost 0 $100 $ 0 1 100 50 2 100 84 3 100 108 4 100 127 5 100 150 As shown in Exhibit 7-9, the average total cost of producing 5 units is:
A. $20. B. $30. C. $50. D. $250.
An increase in the government budget deficit will shift the ________ curve for loanable funds to the ________ and the equilibrium real interest rate will ________
A) supply; right; fall B) supply; left; rise C) demand; left; fall D) demand; right; rise