A production point that lies outside the Production Possibilities Curve (PPC)
A) denotes inefficiency.
B) indicates unemployment.
C) is currently not attainable.
D) can never be reached, even in future periods.
Answer: C
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Peg's Kegs sells kegs in a perfectly competitive market. Because low demand forced price below average variable cost, Peg has made the short-run decision to shut down. Her current loss is
a. zero b. greater than if she had kept operating c. the same as the losses she was incurring while operating d. equal to fixed cost e. less than her total revenue
What kinds of economic conditions indicate that the Fed should expand the money supply?
A patent gives a single person or firm the exclusive right to sell some good or service forever
a. True b. False Indicate whether the statement is true or false
(Appendix) In the production function Q = 10L1/2K1/2, if the inputs are quadrupled, are there economies of scale? 
.
What will be an ideal response?