When supply is ________ or the product is ________, then price is demand determined.
A. variable; standardized
B. fixed; standardized
C. fixed; unique
D. variable; unique
Answer: C
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In a circular flow diagram,
i. the value of production = income. ii. the value of production = expenditure. iii. expenditure = income. A) i and ii are true statements. B) i and iii are true statements. C) Only iii is a true statement. D) Only i is a true statement. E) i, ii and iii are true statements.
Sandra's Sweaters' production function is shown in the above table. Sandra rents three knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Sandra produces 18 sweaters per day, what is her average total cost?
A) $5.00 B) $6.67 C) $9.44 D) $10.00
Explain the structure of the Federal Reserve System
What will be an ideal response?
An understanding of macroeconomics is valuable because it can help
a. in making purchase decisions b. us to understand the forces that determine how fast the economy grows c. us to understand why some firms earn more economic profit than others d. to minimize the amount of tax an individual owes e. minimize the opportunity cost of making poor decisions