Suppose that real domestic output in an economy is 2400 units, the quantity of inputs is 60, and the price of each input is $30. The per-unit cost of production is:
A. $2.00.
B. $0.75.
C. $0.50.
D. $0.25.
Answer: B
You might also like to view...
Keynesian economics finds fault with the classical economic argument that wage and price flexibility would guarantee full employment because
A. large unions and businesses resist wage and price cuts and lower wages mean decreased incomes and consumer spending. B. employment decisions are not influenced by wage rates. C. investment decisions are made independently of wages and prices. D. wage and price fluctuations have no bearing on levels of income and employment.
Which of the following is a positive statement?
A. When tax revenues are less than government spending there is a budget deficit. B. Inflation is the most damaging thing that can occur in an economy. C. We need to carefully protect our borders. D. Foreign aid should be reduced to help reduce the national debt.
What do economists mean by the demand for money?
What will be an ideal response?
The belief that the regulators of the U.S. financial system would not tolerate any losses by depositors at large depository institutions is called
A) the too-big-to-fail doctrine. B) the regulatory capture hypothesis. C) the lender of last-resort doctrine. D) corporate banking system welfare.