Which of the following best describes total fixed cost?
a. Total fixed cost divided by the quantity of output produced.
b. Total variable cost divided by the quantity of output produced.
c. Total cost divided by the quantity of output produced.
d. The change in total cost when one additional unit of output is produced.
e. Costs that do not vary as output varies.
e
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Refer to Table 14-6. What price will Sturdy Homes charge and what profit does Sturdy Homes expect to make?
A) Price = $12,000; expected profit = $3 million B) Price = $8,000; expected profit = $7 million C) Price = $8,000; expected profit = $4 million D) Price = $10,000; expected profit = $5 million
One explanation that economists give for the persistence of poverty in LDCs falls under the category of nonscientific perceptions. An example of this is people in LDCs who
a. are unwilling to devote their energies to intellectual pursuits b. don't share the values associated with the means to acquire or the acquisition of the materialist world commonly identified with Westerners c. are not rational, utility-maximizing, economic agents d. value their children e. because of climate, require a lower calorie diet to survive
Explain how the short-run supply curve of the competitive firm is derived
Which of the following statements is incorrect?
A. Budget deficits raise the national debt. B. The concepts of deficit and debt are closely related. C. Getting rid of the deficit eliminates accumulated debt. D. Budget surpluses lower the national debt.