Economists use the term capital to describe that factor of production that includes human-made resources such as factories, buildings, machinery, and tools.
Answer the following statement true (T) or false (F)
True
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In the above figure, if the natural monopoly is regulated with an average cost pricing rule and the firm does not inflate its costs, then the firm will produce
A) 8 million units and set a price of $21 per unit. B) 12 million units and set a price of $18 per unit. C) 16 million units and set a price of $16 per unit. D) nothing unless the government provides subsidies to cover its losses.
The market interest rate
a. typically increases from one year to the next b. represents the demand for investment c. represents the opportunity cost of funds d. represents the supply of loanable funds e. is not affected by the demand for investment
Which of the following statements is true?
a. When long-run average total costs are increasing, the firm enjoys economies of scale. b. Most industries exhibit long-run average costs that are shaped like an upside-down U. c. Constant returns to scale occur when the short-run average-total-cost curve is horizontal. d. When long-run average total costs are increasing, the firm has diseconomies of scale. e. Constant returns to scale are never present in the real world.
Since 1959 when the official data on the poverty rate began, the poverty rate was at its highest in
a. 1959. b. 1968. c. 1977. d. 1986.