Answer the following statement true (T) or false (F)
1) About one-half of U.S. electricity is generated using petroleum.
2) Renewable energy sources account for about 50 percent of U.S. electricity generation.
3) The United States is in imminent danger of running out of energy.
4) Renewable natural resources can never be exhausted.
1) F
2) F
3) F
4) F
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Financial intermediaries are able to exploit economies of scale since
A) the equipment or expertise necessary for one transaction can be applied to other transactions. B) they have special licenses needed to perform financial transactions. C) financial markets fail to do so. D) they can reduce transactions cost, but not information costs.
Equal increases in government purchases and in net taxes have equal but opposite effects on the level of real GDP demanded
a. True b. False Indicate whether the statement is true or false
The opportunity cost of an action is
a. objective and will be the same for all individuals. b. a measure of the undesirable aspects involved in the action. c. applicable only to choices involving material goods like commodities. d. the highest valued alternative forgone as the result of choosing an option.
In the figure above, the wage rate is $600 and total fixed cost is $15,000. How much output does the firm produce when average variable cost is at its minimum?
A. 375 B. 1,600 C. 270 D. 4,800 E. 30