Refer to Figure 11-1. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) A to B to C. B) C to B to A. C) B to C to D. D) D to C to B.
C
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The money rate of interest is the
a. real rate of interest minus the inflationary premium. b. real rate of interest plus the inflationary premium. c. real rate of interest divided by the inflationary premium. d. inflationary premium minus the real interest rate.
The "invisible hand" works to promote general well-being in the economy primarily through
a. government intervention. b. the political process. c. people's pursuit of self-interest. d. altruism.
Given the total cost function TC = 2,000 + 2Q, when output is 1,000 units average total cost is ________ and total fixed cost is ________.
A. $2; $2 B. $4; $2 C. $4,000; $2,000 D. $4; $2,000
Suppose Mariana purchases the needed land fromAbe,Ben,Cat,and Don for the value she calculated the land to beworth,but Eva refuses to sell the land for the same price as the other 4 ranchers. Economists wold refer to Eva as a