Learning by doing:
A. shifts average total cost curves downward.
B. is not important in the real world.
C. offsets diseconomies of scale, making the average total cost curve flat.
D. causes average total cost curves to be downward-sloping.
Answer: A
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Refer to the above table. If real GDP is $12 billion, total planned expenditures and unplanned inventory changes are respectively
A) $12.4 billion and -$0.4 billion. B) $13.2 billion and -$0.8 billion. C) $0 and $14 billion. D) $12.4 billion and $0.4 billion.
During the delivery period,
A) the futures price exceeds the price in the cash market. B) the price in the cash market exceeds the futures price. C) the futures price and the price in the cash market are equal. D) there is no discernible relationship between the futures price and the price in the cash market.
If you take a maximin strategy
A) you are irrational according to economic definition. B) you are ensuring that the other player gets the worst possible outcome. C) you are getting the best possible outcome given that the other player does the thing that's worst for you. D) then both players are doing the best they can given the payoffs in the game.
Which of the following statements is necessarily true regarding a point along a budget line? a. It implies an individual has spent her entire income
b. It implies an individual is as happy as possible given her income. c. It implies an individual no longer faces tradeoffs between both goods. d. It implies an individual would be better off consuming a different bundle of goods.