Which two of the Ten Principles of Economics are illustrated in this chapter?
a. A country's standard of living depends on its ability to produce goods & People face tradeoffs.
b. Prices rise when the government prints too much money & Governments can sometimes improve market outcomes.
c. Governments can sometimes improve market outcomes & People face tradeoffs.
d. People face tradeoffs & Prices rise when the government prints too much money .
c
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When different regions of a country produce different goods,
a. the production possibilities curve shifts to the left. b. the country becomes worse off. c. the principle of comparative advantage has been breached. d. the country becomes better off if the regions are pursuing their comparative advantages.
The money wage rate has little effect on the supply curve. It mainly affects the aggregate demand curve
a. True b. False Indicate whether the statement is true or false
Labor is a resource that is necessary to produce many goods. "If the price of labor falls," says the economist, "the prices of goods will soon follow." How does this work?
A) If the price of labor falls, the supply of goods rises, and the prices of those goods fall. B) If the price of labor falls, the quantity supplied of goods rises, and the prices of those goods fall. C) If the price of labor falls, the demand for goods falls, and the prices of those goods fall. D) If the price of labor falls, the demand for goods rises, and the prices of those goods fall. E) If the price of labor falls, the supply of goods falls, and the prices of those goods fall.
Based on the following table, what is average fixed cost when 200 units of output are produced? 
A. $150 B. $2.80 C. $80 D. $1.50 E. none of the above