The economic functions of the government deal with
A) discouraging smoking in youths.
B) making sure supply equal demand.
C) promoting economic efficiency.
D) excess demand.
C) promoting economic efficiency.
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Comparative advantage is most closely related to which of the following concepts?
A) efficiency B) opportunity cost C) fairness D) productivity E) competition
In the above table, what is the marginal revenue product of the 2nd worker?
A) $99 B) $70 C) $110 D) $9
The United States temporarily operated outside the production possibilities frontier in
A. 1933. B. 1943. C. 1973. D. 1982.
If total cost is $1,000 when output is zero, and total cost is $1,200 when output is one, and total cost is $1,500 when output is two, then which of the following is true?
A. Total fixed cost is $1,500. B. The marginal cost of producing the first unit of output is $1,200. C. The marginal cost of producing the second unit of output is $300. D. The average fixed cost is $750 when two units of output are produced.