Refer to the information provided in Table 21.3 below to answer the question(s) that follow. Table 21.3
Refer to Table 21.3. The value for national income in billions of dollars is
A. 585.
B. 600.
C. 635.
D. 850.
Answer: C
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Your firm owns an old truck that is used to make local deliveries. The truck is fully depreciated and only costs $1.20 per hour to operate, but you could rent it to another firm for $15.00 per hour
What is the opportunity cost of operating this truck in your business? A) $1.20 per hour B) $15.00 per hour C) $16.20 per hour D) Less than $1.20 per hour
Changes in relative prices create substitution effects
a. True b. False Indicate whether the statement is true or false
In the short run, a firm has fixed costs but never any variable costs
a. True b. False Indicate whether the statement is true or false
The explanation for why marginal cost is positive and rising in the short run is _______ marginal product of labor in the production process.
A) a zero B) a constant C) an increasing D) a diminishing