Suppose the cost function is C(Q) = 50 + Q ? 10Q2 + 2Q3. What is the variable cost of producing 10 units?
A. $560
B. $1,060
C. $1,010
D. $401
Answer: C
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What caused the major economic conflict between the North and the South immediately before the outbreak of the Civil War?
A. Agricultural development. B. Industrialization in the North. C. Trade barriers with England. D. All of the choices are true.
An increase in the general price level is termed:
a. the Consumer Price Index. b. inflation. c. deflation. d. stagflation. e. nominal pricing.
If a nation does not have an absolute advantage in producing anything, it
a. has no comparative advantage either. b. will have a comparative advantage in the activity in which it is least inefficient. c. will try to get along without trade. d. will export raw materials and import finished products.
Assume labor is the only variable input and that an additional input of labor increases total output from 72 to 78 units. If the product sells for $6 per unit in a purely competitive market, the MRP of this additional worker is:
A. $6. B. $12. C. $36. D. $72.