Given the production function and total cost function shown in Chapter 4, as production increases, total variable costs
A. decrease constantly.
B. increase constantly.
C. increase for a while and then decrease.
D. decrease for a while and then increase.
Answer: B
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The field of macroeconomics developed when economists looked for causes of:
A. the wealth of nations. B. the Great Depression C. poverty and inflation. D. World War I.
Which of the following will not contribute to higher wage rates for labor?
a. increased unionization and decreased nonunionization of employees in the economy b. a rapid increase in the demand for labor c. significantly relaxed immigration standards d. increases in technological advances that are substitutes for labor
How was South Korea able to use infant industry protection successfully to start its car companies, when many countries experience negative results when they use infant industry protection?
a. The protection has never stopped. b. The protection was so small it had no effect on the car companies. c. The protection had a definite end, whether the infant industry grew or did not grow. d. The protection had a large enough subsidy to make companies’ profitable.
Who owns the Fed?
What will be an ideal response?