In 2011, advertising expenditures in the United States were:
A. 10 to 12 percent of GDP.
B. about $137 billion.
C. about $103 billion.
D. about $498 billion.
Answer: C
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Why do workers tend to choose low effort levels when they are compensated with fixed wage payments?
A) Workers ignore the cost of effort B) The net compensation after deducting the cost of effort is always higher when the worker provides low effort. C) Workers care more about the stability of income than the level of income. D) Workers tend to be risk averse and tend to choose low-intensity alternatives.
An investment pays $1,200 a quarter of the time; $1,000 half of the time; and $800 a quarter of the time. Its expected value and variance respectively are:
A. $1,000; 20,000 dollars2 B. $1,000; 40,000 dollars2 C. $1,000; 80,000 dollars2 D. $1,050; 20,000 dollars2
Refer to Figure 8.1, which shows a family of average cost curves. The average fixed cost at a given level of output is represented by:
A. the vertical distance between Curve 1 and Curve 2 at a given level of output. B. the vertical distance between Curve 1 and Curve 3 at a given level of output. C. the vertical sum of Curve 1 and Curve 2 at a given level of output. D. the vertical sum of Curve 1 and Curve 3 at a given level of output.
If the explicit costs to a firm to produce a unit of output are $6 and the firm sells 200,000 units of output for $8 per unit, the accounting profit received by the producer is
A) $1.2 million. B) $850,000. C) $1.6 million. D) $400,000.