Short-run costs that do not depend on the level of output are
A. total variable costs only.
B. both total variable costs and total costs.
C. total fixed costs only.
D. total costs only.
Answer: C
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In the above figure, if the price is $12, a profit-maximizing perfectly competitive firm will have an economic profit
A) of less than $100 but more than $0. B) of more than $100. C) that is negative, that is, it will have an economic loss. D) of zero, that is, it will break even with a normal profit.
The system of trade rounds under GATT and the WTO has been successful at creating trade rules and reducing trade barriers
Indicate whether the statement is true or false
In recent years there has been ____ in men's labor force participation rate and ____ in women's labor force participation rate
a. an increase; an increase b. an increase; a decrease c. a decrease; an increase d. A decrease; a decrease
In the simple circular-flow diagram, with households and firms, GDP can be computed a. as the total payments for factors of production made by households
b. as the total expenditures by households on goods but not services, since services are intangible. c. as the total expenditures by households on goods and services. d. as the total expenditures by households on goods and services, less taxes paid.