The population of Omega totals one million people, 30 percent of whom are employed. Average output per worker in Alpha is $30,000. Real GDP per person in Alpha totals:
A. $21,000.
B. $100,000.
C. $9,000.
D. $30,000.
Answer: C
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What are the two basic types of economic systems?
What will be an ideal response?
With consumption on the vertical axis and leisure on the horizontal axis, the slope of the budget line is equal to
A) w. B) -w. C) ?. D) -?.
A perfectly competitive firm produces in a market where the prevailing price is $25 . At its current output level of 10,000 units, its average total cost equals $15 . The firm is earning
a. a total money profit of $100,000 b. a total economic profit of $100,000 c. a total money profit of $250,000 d. a total economic profit of $250,000 e. both a total money profit and a total economic profit of $100,000
Refer to Figure 8.6, which shows just three of a firm's various possible short-run average cost curves. Which of the following statements is true?
A. The firm experiences increasing returns to scale at production levels above 130 units of output.
B. The firm experiences constant returns to scale.
C. The firm experiences increasing returns to scale up to a production level of 130 units of output.
D. The firm experiences decreasing returns to scale up to a production level of 130 units of output.