A piece of software that benefits many users at the same time would be an example of:
A. Network effects
B. Learning by doing
C. Multiple production
D. Simultaneous consumption
D. Simultaneous consumption
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If increased supply leads to lower prices, why is rapid growth of the money supply usually accompanied by high interest rates?
What will be an ideal response?
Exhibit 7-10 Short-run cost schedule for book publisher's hourly production TotalOutput TotalVariable Cost TotalCost 0 cases of books $ 0 $200 1 100 300 2 150 350 3 250 450 4 450 650 In Exhibit 7-10, the marginal cost of increasing production from 2 to 3 cases of books is:
A. higher than the marginal cost of increasing production from 1 to 2 cases of books, so the marginal cost curve must be rising in between 2 and 3 cases. B. higher than the marginal cost of increasing production from 1 to 2 cases of books, so the average total cost must be rising in between 2 and 3 cases. C. lower than the marginal cost of increasing production from 1 to 2 cases of books, so the marginal cost must be greater than average total cost between 2 and 3 cases. D. lower than the marginal cost of increasing production from 1 to 2 cases of books, so the average total cost must be rising in between 2 and 3 cases.
In 1970 our imports and exports added together were __________ percent of GDP.
Fill in the blank(s) with the appropriate word(s).
Which of the following will shift an economy's production possibilities curve inward?
A. an improvement in technology B. an increase in the unemployment rate C. a decrease in land, labor or capital D. a decrease in the unemployment rate