Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom is on budget constraint AC and the price of a hamburger is $5.00. Tom's monthly income is
A. $4.
B. $60.
C. $80.
D. $100.
Answer: D
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Potential GDP is the
A) the maximum amount of production that can be produced while avoiding shortages of labor, capital, land, and entrepreneurship that would bring rising inflation. B) current value of production in the economy. C) value of production when the economy is in a recession. D) value of production when the economy is at a peak.
Answer the following statements true (T) or false (F)
1. In a cooperative type of enterprise, a shareholder has only one vote regardless of the number of shares held. 2. In the United States, marketing cooperatives are most commonly found in the agriculture industry. 3. There are no government-regulated markets in the U.S. economy. 4. The U.S. economy is a mixture of perfect and imperfect competition and regulated and nonregulated industries.
The Country of Rhozundia is blessed with rich copper deposits. The cost of copper produced (relative to the cost of widgets produced) is therefore very low. From this information we know that
A) Rhozundia has a comparative advantage in copper. B) Rhozundia should import copper and export widgets. C) Rhozundia should export both widgets and copper. D) Rhozundia should invest in more in widget production. E) Rhozundia may or may not have a comparative advantage in copper.
Which of the following costs is independent of output?
A. Variable costs B. Fixed costs C. Marginal costs D. Total costs