How are total costs determined?
a. fixed costs x output
b. sunk costs + variable costs
c. fixed costs + variable costs
d. marginal costs / output
c. fixed costs + variable costs
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Alternate Outputs from One Day's Labor Input: United States: 12 bushels of wheat or 3 yards of textiles. Great Britain: 3 bushels of wheat or 12 yards of textiles. The opportunity cost of one bushel of wheat in Great Britain is a. 1 yard of textiles
b. 3 yards of textiles. c. 12 yards of textiles. d. 4 yards of textiles.
Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has
a. reduced measured GDP. b. not affected measured GDP. c. increased measured GDP only to the extent that the value of the restaurant meals exceeded the value of meals previously cooked at home. d. increased measured GDP by the full value of the restaurant meals.
Holding all other prices and money income constant, if the price of food rises, then the consumer will adjust her expenditures and
A) reach an optimum on a higher indifference curve. B) reach an optimum on a lower indifference curve. C) reach an optimum on the same indifference curve. D) her level of satisfaction may go up or down.
Which of the following countries is not a member of the European Union?
A) Portugal B) Switzerland C) Slovakia D) Malta