Power plants with the lowest operating costs tend to:
A. have the lowest fixed costs in terms of construction.
B. have the highest fixed costs in terms of construction.
C. operate on the smallest scale of energy production.
D. generate the cleanest energy.
Answer: B
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Using the figure above, suppose with no trade Liz and Joe each produce at point A on their respective PPFs. Then, Joe suggests that they specialize and trade. He would produce only salads and Liz would produce only smoothies
Then, Joe says, he would buy 16 smoothies from Liz at a price of 1.5 salads per smoothie. Liz should A) not accept Joe's offer since she would lose 2 smoothies and 2 salads. B) accept Joe's offer, as she will be as well off as with no trade. C) accept Joe's offer since she will gain 4 smoothies and 4 salads. D) accept Joe's offer since she will gain 4 salads. E) not accept Joe's offer, as the price he offers is too low for her to gain from trade.
What effect does a price increase have on producers' total revenue?
What will be an ideal response?
The gross estate is
A. very disgusting. B. all property owned by decedent at time of death. C. general property that is held in a trust. D. being phased out of current tax law.
The aggregate demand curve implies a vertical shape for the Phillips curve trade-off between inflation and unemployment
a. True b. False Indicate whether the statement is true or false