Total costs increase from $1,500 to $1,800 when a firm increases output from 40 to 50 units. Which of the following are true?
a. VC rise by $1,800
b. VC rise by $0
c. VC rise by $300
d. VC rise by $1,500
c
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The production function is a relationship between the amount of labor employed and
A) the wage rate paid to the workers. B) the maximum quantity of real GDP that can be produced. C) the maximum quantity of nominal GDP that can be produced. D) the amount of labor workers supply. E) all other resources at different levels of employment.
When the government produces and sells water, some of the revenues earned represent taxation
a. True b. False
Macro equilibrium is established at which price level, given AD1 and AS1 in Figure 8.3?
A. P1. B. P2. C. P3. D. P4.
The Monetary Control Act of 1980:
a. created less competition among various financial institutions. b. allowed fewer institutions to offer checking account services. c. restricted savings and loan associations to long-term loans. d. all of the above. e. none of the above.