When viewed as a tangible asset, real estate can be defined as the land and its permanent improvements. Improvements on the land include:
A. fences
B. walkways
C. sewer systems
D. streets
Ans: A. fences
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A price taking firm employs each of its inputs into production until its marginal product is equal to 1.
Answer the following statement true (T) or false (F)
The Mint Act of 1792 failed to provide for a stable domestic hard currency for the U.S. because
(a) the supply of gold and silver was inadequate. (b) the federal government failed to make the coins legal tender. (c) gold was undervalued, while silver was exported. (d) the notes of the U.S. government were not accepted by the population because of their low value, while the government had no gold to offer.
Suppose when the price of calculators is $18, the quantity demanded is 90, and when the price is $22, the quantity demanded drops to 70. Using the mid-point method, the price elasticity of demand is:
A. 1.25 B. 25 percent C. 20 percent D. 25
As the output produced by a firm increases, the average fixed cost:
a. continues to decline. b. initially increases, and then declines. c. quickly drops to zero. d. becomes constant. e. declines and finally becomes negative.