Refer to Figure 8.2. At P = $80, the profit-maximizing output in the short run is
A) 22.
B) 34.
C) 39.
D) 50.
E) 64.
C
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Suppose the value of the CPI is 1.100 in year one, 1.210 in year two, and 1.331 in year three. Assume also that the price of computers increases by 3% between year one and year two, and by another 3% between year two and year three. The price level is increasing, the inflation rate is ________, and the relative price of computers is ________.
A. increasing; increasing B. constant; decreasing C. increasing; decreasing D. constant; increasing
Which figure above shows the effect if research is published claiming that eating pizza is healthy?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure A and Figure D
When the government hires people to serve in the army, these people are no longer available to do other work. This choice illustrates the concept of
A) an incentive. B) a social interest/private interest conflict. C) opportunity cost. D) marginal benefit.
Absolute advantage
a. is the same as comparative advantage b. implies autarky c. means that countries of the same size have the same opportunity cost of producing both goods d. means that a country can produce more of two goods than another country can e. means that a country can produce less of two goods than another country can