The optimal use of resources is achieved if
a. price = average total cost (ATC)
b. price = marginal cost
c. price = marginal revenue
d. price = total cost
e. price = total revenue
B
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0The economy experienced an expansion that lasted from:
A. May 1954 to April 1958. B. July 1953 to May 1954. C. July 1953 to April 1957. D. May 1954 to April 1957.
Because leisure is a normal good, an increase in the wage rate will result in
A) an increase in the quantity of labor supplied because of the substitution effect. At low wages the income effect causes an increase in the quantity of labor supplied, but at high wages the income effect causes a decrease in the quantity of labor supplied as the wage rises. B) an increase in the quantity of labor supplied because of both the substitution effect and the income effect. C) a decrease in the quantity of labor supplied because of the substitution effect and an increase in the quantity of labor supplied because of the income effect. D) an increase in the quantity of labor supplied because of the substitution effect and a decrease in the quantity of labor supplied because of the income effect.
Which of the following statements is most accurate about ownership of household goods, such as flush toilets, refrigerators, televisions, clothes dryers and automobiles?
a. In 2005, very few "officially poor" Americans owned these goods. b. The same proportion of Americans who were officially poor owned these goods in 2005 in comparison to 1950 . The proportion of officially poor Americans who owned these goods in 2005 was equal to the proportion of all households who owned these goods in 1950. c. A higher proportion of "poor" Americans owned these goods in 2005 compared to the proportion of all U.S. households who owned these goods in 1950. d. The proportion of Americans at the poverty level who owned these goods in 2005 was exactly double the proportion of all households who owned these goods in 1950.
Organizational structure forms evolved based on
A) new theories of management. B) the ability of new forms to add accounting profits. C) the ability of new forms to cover the cost of capital. D) the ability of new forms to add value.