In the graph below, the price of capital is $500 per unit. Between 30,000 and 50,000 units of output, how much does each additional unit of output add to long-run total cost?
A. $300
B. $1.50
C. $2.45
D. $30,000
E. none of the above
Answer: B
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Which of the following is NOT a characteristic of an increasing cost competitive industry? As the industry expands in the long run,
A. the number of firms increase. B. the price of product remains constant. C. the prices of some inputs rise. D. the cost of production increases. E. none of the above
Which of the following is true?
A) Profit as calculated by accountants and economic profit are not necessarily equal. B) Profit as calculated by accountants is always smaller than economic profit. C) Economic profit ignores implicit costs. D) The Internal Revenue Service taxes the firm's economic profit but not its normal profit. E) The Internal Revenue Service taxes the firm's normal profit but not its economic profit.
The concept of economic efficiency refers to the size of the "economic pie" whereas the concept of equality refers to how the "pie" is distributed
a. True b. False Indicate whether the statement is true or false
For a nation, ownership of natural resources:
a. Is essential for economic growth. Without it, nations would not have the ability to grow. b. Must expand as the nation grows because the nation needs to own natural resources to be able to export goods to the rest of the world. c. Is not as important to growth as access to natural resources. d. None of the above is true. e. All of the above are true.