Under the average-cost inventory method, to determine the average cost per unit:
What will be an ideal response?
Ans: the cost of beginning inventory plus the cost of purchases is divided by the number of units available.
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Joe receives a 20 percent increase in his income from his part time job and as a consequence decreases his consumption of Ramen noodles by 10 percent. Hence to Joe, Ramen noodles are
A) a normal good with a price elasticity of demand of 0.5. B) a substitute good with a cross elasticity of 0.5. C) a good with a price elasticity of supply of -0.5. D) an inferior good with an income elasticity of -0.5. E) an inferior good with an income elasticity of -2.0.
Monetarists believe that there is a ________ link between money supply growth and target variables and that the public is ________ in movements in the money supply
A) strong, interested B) strong, disinterested C) tenuous, interested D) tenuous, disinterested
Stella's marginal utility of the last unit of X consumed is 18 and her marginal utility of the last unit of Y consumed is 12 . What prices for X and Y, respectively, are consistent with Stella being in consumer equilibrium?
a. $4 and $6 b. $12 and $18. c. $15 and $15. d. $12 and $8.