To what extent are homemaking and child-rearing accounted for in the government's GDP accounts?
A. Only to the extent that they are provided for pay
B. Not at all
C. Only to the extent that taxes are paid on them
D. All homemaking and child-rearing are accounted for.
Answer: A
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Because the presence of a warranty for a good is a signal that the good is of high quality,
A) consumers are willing and able to pay more for a good that carries a warranty. B) consumers are willing to buy goods if and only if the goods come with warranties. C) producers do not need to charge extra for warranties. D) producers can use warranties to sort out high-risk customers. E) producers must make warranties available on all goods.
A firm sells 100 . units per week. It charges $15 per unit, the average variable costs are $10, and the average costs are $25 . The firm should
a. Shut-down as the firm is making a loss of $10,00 . per week b. Shut-down as the firm cannot cover the fixed costs c. Continue operating as the firm is covering all the variable costs and some of the fixed costs d. Shut-down because it is cost effective to pay off the remaining fixed costs
The owner of Tie-Dyed T-shirts, a perfectly competitive firm, has hired you to give him some economic advice. He has told you that the market price for his shirts is $20 and that he is currently producing 200 shirts at an AVC of $15 and an ATC of $25. You tell him he should continue to operate in the short run because
A. he has to pay his fixed costs of $2,000 if he shuts down, which is greater than his loss when he operates. B. he is earning positive economic profits of $4,000. C. his loss from operating is only $2,000, which is less than his loss if he shuts down. D. In fact you do not tell him to operate-he should shut down since he has a loss.
Draw a perfectly inelastic demand curve and state its elasticity.
