When people trade goods for money, money is being used as a medium of exchange.
Answer the following statement true (T) or false (F)
True
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A principle that economists emphasize is that the ____ of decision makers are always limited.
A. ideas B. goals C. resources D. opportunities E. offices
Briefly discuss the main advantage of the bimetallic standard over the gold standard
What will be an ideal response?
Suppose that production for good X is characterized by the following production function, Q = K0.5L0.5, where K is the fixed input in the short run. If the per-unit rental rate of capital, r, is $25 and the per-unit wage, w, is $15, then the average variable cost of using 81 units of capital and 9 units of labor is:
A. $80. B. $75. C. $5. D. There is insufficient information to determine the average variable costs.
Exhibit 8-11 A firm's cost and marginal revenue curves
In Exhibit 8-11, when the price is $5, the firm:
A. is making an economic profit of $21. B. should produce output equal to 10. C. is breaking even. D. should produce output equal to 7.