Federal government outlays as a fraction of GDP tripled between 1959 and 2009
a. True
b. False
B
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Ernie's Earmuffs produces 200 earmuffs per year at a total cost of $2,000 and $400 of this cost is fixed. If he increases output to 220 earmuffs, his total cost increases to $2100, and his fixed cost remains $400. What is Ernie's marginal cost per earmuff?
A) $105 B) $35 C) $9.55 D) $5
What is a long-run supply curve? What does a long-run supply curve look like on a perfectly competitive market graph?
What will be an ideal response?
A large aircraft manufacturer, like Boeing, may have a cost advantage over a new smaller manufacturer because of:
a. diseconomies of scale. b. economies of scale. c. diminishing returns to a fixed factor of production. d. the principal agent problem is generally less severe for larger firms.
Government policies that heavily tax some activities while subsidizing others and that fix or control interest rates will result in
a. higher productivity of investment. b. lower productivity of investment. c. no change in the productivity of investment. d. a greater level of investment.