When prices are predetermined, the level of output that equals planned aggregate expenditure is called ________ output.
A. potential
B. the natural rate of
C. induced
D. short-run equilibrium
Answer: D
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During the Great Depression, unemployment peaked at
A) 10%. B) between 15 and 20%. C) over 20%. D) 81%.
A factory produces 1,000 radios a year, AVC = $10 and TFC = $5,000 . The factory's TC
a. equals $15. b. equals $5,005. c. equals $15,000. d. cannot be determined from the information given.
The marketing division of a firm has measured demand for its product and reports that it is 2Q = 24 ? P, where Q is units and P is price per unit in dollars. The cost is given in the table below. Complete the table and determine the profit-maximizing level of output for this firm. OutputTotal CostPriceRevenueProfit010__________ _____ 118__________ _____ 220 __________ _____ 322__________ _____ 425__________ _____ 529__________ _____ 634__________ _____ 740__________ _____ 848__________ _____
What will be an ideal response?
The HeckscherOhlin model of international trade uses _____ and ______ to explain trade patterns.
a. comparative; absolute advantage b. factor abundance; factor intensity c. factor availability; factor usability d. tariffs; quotas