If output per capita grows by a constant 5% per year, then the standard of living would grow by about ________ over 3 years
A) 12%
B) 16%
C) 17%
D) 18%
E) 20%
B
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Which of the following statements is CORRECT?
A) A firm does not need to take into account its sunk cost when making current decisions. B) Long-run decisions are easily reversed. C) Short-run decisions are not easily reversed. D) In the long run, a firm can change its plant but not the quantity of its labor.
Based on the table above which shows Chip's costs, if rice sells for $600 a ton, Chip will
A) shut down because he incurs an economic loss. B) shut down because the price is below his minimum average variable cost. C) stay open because he makes an economic profit. D) stay open because the price is above his minimum average variable cost.
An increase in the rent that a firm pays for its factory does not increase ______
A. total cost B. fixed cost C. marginal cost D. average fixed cost
Can protection save jobs and the environment and prevent workers in developing countries from being exploited?
What will be an ideal response?