Exhibit 6-15 Long-run average cost
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Given the short-run average total cost curves in Exhibit 6-15, what level of output per week minimizes average total cost?
A. 500 units.
B. 1,000 units.
C. 1,500 units.
D. 2,000 units.
Answer: B
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An increase in foreign real income would shift the:
A) aggregate demand curve rightward. B) aggregate demand curve leftward. C) aggregate supply curve rightward. D) aggregate supply curve leftward.
A labor intensive production process is one in which:
A. a lot of labor is hired relative to the total inputs needed to produce the good. B. highly skilled labor is needed to produce the good. C. a part of the production process must be done by labor and cannot be substituted. D. total costs will be minimized if labor is the primary factor of production used.
When the Fed buys government bonds,
a. the money supply increases and the federal funds rate increases. b. the money supply increases and the federal funds rate decreases. c. the money supply decreases and the federal funds rate increases. d. the money supply decreases and the federal funds rate decreases.
Daniel’s Designer Drapes sells its standard curtain sets for $100. The government has just imposed a new tax on Daniel’s products. Which of the following would most likely be the price for a standard curtain set after this tax takes effect?
a. $50 b. $99 c. $100 d. $110