It costs $5,000 to produce ten visits and $6,000 to produce 20. At a volume of 20,
A. average cost is $300 and marginal cost is $100.
B. average cost is $500 and marginal cost is $100.
C. average cost and marginal cost are $300.
D. average and marginal cost cannot be calculated from these data.
A. average cost is $300 and marginal cost is $100.
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All industrialized countries have become “service economies.” Which factor helps explain this shift?
A. Trade unionism and failure of the manufacturing sector to grow B. Information age and laborsaving innovation in manufacturing C. The decline in the number of workers possessing the required skills for industrial production D. The lack of competition in the service sector
Refer to Table 19-11. Real GDP for Tyrovia for 2016 using 2007 as the base year equals
A) $1,140. B) $880. C) $690. D) $560.
Policy should create an environment in which the economy can expand its productive capacity rapidly, because that is the ultimate source of higher living standards. This task is the realm of
a. growth policy. b. stabilization policy. c. labor policy. d. inflation policy.
Refer to the graph shown.
If product demand increases from D1 to D2, the equilibrium price of the product will:
A. increase from P1 to P2 and equilibrium quantity will increase from Q1 to Q2. B. increase from P1 to P2 and equilibrium quantity will decrease from Q2 to Q1. C. decrease from P2 to P1 and equilibrium quantity will decrease from Q2 to Q1. D. decrease from P2 to P1 and equilibrium quantity will increase from Q1 to Q2.