Figure 7-8
Of the graphs in Figure 7-8, which represents fixed cost?
A. 1
B. 2
C. 3
D. 4
Answer: D
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New safety regulations increase manufacturers' costs of producing insulation. What happens in the market for insulation?
a. The demand falls as buyers refuse to bear the higher production costs. b. The supply falls, resulting in a higher equilibrium price and lower equilibrium quantity. c. Both supply and demand fall, resulting in less insulation being bought and sold. d. The supply rises as manufacturers attempt to use higher sales to offset their lower profit margins.
What is the future value of $1 (i) after 18 years if the interest rate is 4 percent, (ii) after 12 years if the interest rate is 6 percent, (iii) after 9 years if the interest rate is 8 percent, and (iv) after 6 years if the interest rate is 12
percent?
Which of the following would probably not result in acquiring human capital?
A. Taking an economics course. B. Learning how to make chicken parmigiana. C. Playing varsity soccer. D. Purchasing a new piece of machinery.
Over the past 50 years, the growth of real GDP in the United States has been caused primarily by increase in the _____.
Fill in the blank(s) with the appropriate word(s).