In order to raise the rate of economic growth the United States needs to
A. Spend more on consumer goods.
B. Use older, tried and true technology.
C. Have its consumers save less.
D. Have its business firms invest more.
D. Have its business firms invest more.
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When a person drives an automobile, that individual is creating
A) internal costs only. B) private costs only because the individual pays for the insurance, gas etc. C) external costs only. D) social costs.
One reason for international specialization in production is
a. a high tariff imposed by a national government b. a low tariff imposed by a national government c. diminishing returns to a variable factor of production d. the different resource endowments throughout the world e. high fixed costs of production
Output for a simple production process is given by Q = 2KL, where K denotes capital, and L denotes labor. The price of capital is $25 per unit and capital is fixed at 8 units in the short run. The price of labor is $5 per unit. What is the total fixed cost of producing 80 units of output?
A. $25 B. $200 C. $33 D. $85
In a perfectly competitive market in which all firms are maximizing their economic profits, the demand and supply curves intersect at a price of $8. From this we know that each
A) firm's average total cost of producing the good is $8. B) firm's average variable cost of producing the good is $8. C) firm's marginal cost of producing the good is $8. D) firm is earning positive economic profits at a price of $8 or more.