Fill in the blank: According to your textbook, "Fiscal policy is simply ________."
A) budget policy
B) monetary policy under a different name
C) price policy
D) wage policy
E) stupid
A
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The fiscal year
A. Is the 12-month period used for federal government accounting purposes. B. Is the period during which the government must balance the budget. C. Begins in January for the federal government. D. None of the choices are correct.
You run a small business producing picture frames. This month your total cost is $10,000, your variable cost is $5,000, and your output is 5,000 picture frames. Given this information, your:
A. average variable cost is $2. B. average total cost is $1. C. average total cost is $3. D. average fixed cost is $1.
Jackie notices everyone wearing Converse sneakers on the first day of school. Ever the fashionista, this will likely affect:
A. the prices of related goods, since other shoes will be less popular and cost less now. B. Jackie's preferences for shoes, since she feels as though she needs them now. C. Jackie's expectations of future prices, since the price of Converse will likely go up because they're getting so popular. D. Jackie's income, as she now needs to buy Converse and will have less to spend on other goods.
Currently, the marginal cost equation for a shoe manufacturing company is given by MC = 10 + 2Q. The market price per pair is $60. How many units should the company produce?
What will be an ideal response?