Refer to the information provided in Table 8.3 below to answer the question(s) that follow.
Table 8.3
Refer to Table 8.3. What is the total cost of producing zero units of output?
A. $0
B. $30
C. $60
D. indeterminate from the given information
Answer: C
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When it was introduced in 1958, the Phillips curve presented policymakers with a "menu" from which they could choose the appropriate:
a. combination of monetary and fiscal policy. b. combination of inflation and unemployment. c. level of aggregate money supply. d. income tax rate.
Demand for low budget items, such as candy, is generally ________ than demand for large budget items, such as automobiles.
A. higher B. lower C. more elastic D. less elastic
Suppose that the quantity of hamburgers is measured along the vertical axis and that the quantity of popcorn is measured along the horizontal axis. The vertical intercept is 10 hamburgers, and the slope of the budget line is -2. If the price of popcorn
falls from $1 to $0.50, then we know that A) the vertical intercept shifts to 20 hamburgers. B) the vertical intercept shifts to 5 hamburgers. C) the horizontal intercept shifts to 10 bags of popcorn. D) the horizontal intercept shifts to 20 bags of popcorn.
Suppose two corporate bonds with similar risk pay different rates of return. The process of arbitrage should:
A. not affect their rates of return. B. increase the return on the asset with the higher rate of return as the demand for it increases. C. increase the gap between the two rates of return. D. eventually equalize their rates of return.