Abandonment of continual active discretionary counter-cyclical policies is advocated by
A) Keynesians.
B) Monetarists.
C) both Keynesians and Monetarists.
D) neither Keynesians nor Monetarists.
B
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Refer to Figure 2-2. Suppose Vidalia is currently producing 20 dozen orchids per period. How many roses is it also producing, assuming that resources are fully utilized?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
Provide an example of each type of externality that is different from the ones described above
What will be an ideal response?
Producer surplus is equal to
A) the area under the supply curve. B) the difference between price and average cost for all units sold. C) the difference between price and marginal cost for all units sold. D) the firm's profit when fixed costs exist.
A fishing boat owner sells her entire catch of 8,000 fish and maximizes profit that is equal to $4,000 . Suppose fish prices increase and you are asked to calculate her profit knowing that she now sells 10,000 fish. If fish prices increased by $1 per fish, what do you need to know to calculate her new profit level?
a. average fixed cost b. average variable cost c. change in average total cost d. marginal cost e. average total cost