Since sunk costs are incurred no matter what:
A. they are relevant in deciding how much to produce.
B. they are essential in the profit-maximizing sales quantity formula.
C. they can generally be ignored in making economic decisions.
D. they are considered fixed costs.
C. they can generally be ignored in making economic decisions.
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The long-run aggregate supply increases as:
a. new production technology is introduced. b. the quality of labor declines. c. the average price level increases. d. natural resources become depleted. e. the minimum wage rate increases.
Protection of an infant industry should be withdrawn once that industry:
a. charges the same price as foreign competitors. b. goes public on the stock exchange. c. raises a large amount of sales revenue. d. achieves sufficient size to compete with foreign firms. e. earns enough profit as a result of the subsidies to remain in business.
If the stock market quote in the newspaper reads 752 in the column headed "Vol 00s", it means that 752 shares of this stock were traded on this particular day
Indicate whether the statement is true or false
Measuring total aggregate production in constant dollars uses which of the following measures?
A. nominal gross domestic product B. nominal net domestic product C. real personal income D. real gross domestic product