The Fairlane Farm has total costs of $15,000 and total variable costs of $2,000. The Fairlane Farm's total fixed costs are __________.
A. $13,000
B. $0
C. $17,000
D. $15,000
A. $13,000
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The demand for labor curve is
A) upward sloping at potential GDP and downward sloping elsewhere. B) vertical at potential GDP. C) downward sloping. D) upward sloping because firms demand labor.
The _________ measures overall progress in 174 countries, based on life expectancy, adult literacy rate, education level and GDP per capita
a. United Nations Well-Being Ratio b. Human Development Index (HDI) c. De Facto Index d. International Impact Survey
Communal property rights and tradition, rather than market institutions, determine economic relationships in many developing countries.
Answer the following statement true (T) or false (F)
The quantity theory of money and prices
A. shows how a change in the price level leads to a change in the money supply. B. shows how the demand for money is inversely related to the price level. C. is the hypothesis that changes in the money supply leads to proportional changes in the price level. D. is derived from the equation of exchange assuming that prices remain constant.