Exhibit 6-11 Short-run cost schedule for pizzeria's hourly production
TotalProduct
TotalCost
0 pizzas
$ 20
10
70
20
100
30
150
40
250
In Exhibit 6-11, the average total cost or producing 40 pizzas per hour is equal to:
A. $5 per pizza.
B. $5.75 per pizza.
C. $6.25 per pizza.
D. $10 per pizza.
Answer: C
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If nominal wages and salaries are fixed as firms change product prices, the short-run aggregate supply curve is: a. vertical
b. horizontal. c. negatively sloped. d. positively sloped.
Current income is 300, expected future income is 363, and the interest rate is 10%. If current income rises to 363 and consumption is smoothed across periods, then consumption in each period becomes
a) 326.7 b) 363 c) 399.3 d) 350 e) 371
In the event of a recession, the fiscal policy measures favored by most liberals would involve ________.
Fill in the blank(s) with the appropriate word(s).
If an individual's total utility from consuming two goods increases, then there must be
A. a downward rotation of the individual's indifference curve. B. an inward rotation of the individual's indifference curve. C. an inward shift of the individual's indifference curve. D. an outward shift of the individual's indifference curve.