If at optimum output of 1,000 units, the firm is incurring average variable cost per unit of $3, average fixed cost per unit of $1.50, and selling its output at $7 per unit, total profit is
A. $7,000.
B. $2,500.
C. $1,500.
D. $250.
Answer: B
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Since 1960, the price of medical care in the United States has
A) decreased slightly. B) remained relatively unchanged. C) increased 8-fold. D) increased 19-fold.
How will a decrease in price tend to affect supply? a. Supply will increase
b. Supply will decrease. c. Supply will not change. d. It is uncertain.
The exchange rate is the price of
A. An import purchased at the local electronics store. B. An export purchased in a foreign nation. C. One good in terms of another. D. One currency in terms of another.
By looking at the graph showing growth of government expenditures as a percentage of GDP in the United States from 1929 to 2017, we can see that federal expenditures are almost always ______ state and local expenditures.
a. equal to
b. less than
c. greater than
d. more than double