According to the textbook application, China’s demand for automobiles
a. is linked in part to the nation’s rising income and economic prosperity
b. is limited because of the absence of automobile plants in China
c. has declined because of the migration of people from urban to rural areas
d. has grown slowly over the past several years
a. is linked in part to the nation’s rising income and economic prosperity
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If the firm in the figure above attempted to minimize its average total cost by producing 100 pairs of Tommy jeans per day at an average total cost of $20 per pair and it sold those jeans for $80 per pair, the firm would ________
A) earn zero economic profit B) earn a larger economic profit that a firm that produced 125 jeans because the ATC of producing 125 jeans is higher than the ATC of producing 100 jeans C) incur an economic loss D) earn a smaller economic profit than a firm that produced 125 jeans E) achieve an efficient use of resources
Javier goes to an all-you-can-eat buffet at a Chinese restaurant and consumes three plates of food. Which of the following explains why the third plate of food does not provide as much satisfaction as the second plate?
A. The law of expanding externalities. B. The rule of total utility. C. The law of supply. D. The law of diminishing marginal utility.
The operation of the "invisible hand" means the pursuit of private interests promotes social interests in pure competition.
Answer the following statement true (T) or false (F)
Refer to the information provided in Table 24.7 below to answer the question(s) that follow.
Table 24.7All Numbers are in $ Million
Refer to Table 24.7. Which of the following variables is considered autonomous?
A. saving B. planned investment C. planned government spending D. both B and C