The decision by firms of the quantity of output to supply is based on
A. the price of inputs.
B. the price of output.
C. government oversight.
D. techniques of production available.
Answer: B
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According to the kinked demand curve model, if there is a modest increase in a firm's variable production costs, what is likely to happen to the firm's profit-maximizing level of output and the amount of profit earned by the firm? Why?
What will be an ideal response?
Which of the following can be categorized as a composite currency?
a. Italian lira b. European Currency Unit c. Pound d. Australian dollar e. Danish Krone
Under a regressive tax, the fraction of income paid in taxes
A. rises as income rises. B. is unchanged as income changes. C. falls as income rises. D. is proportional to the change in income.
Which of the following represents the total value of all final goods and services produced in a given period, adjusted for inflation?
a. gross domestic product (GDP) b. gross domestic product (GDP) growth rate c. rate of inflation d. real gross domestic product (RGDP)