Globalization and trade:
A. reduce inflation in the short run and in the long run.
B. increase inflation in the short run but not in the long run.
C. reduce inflation in the short run but not in the long run.
D. reduce inflation in the short run but increase inflation in the long run.
Answer: C
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The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The total cost of producing 80 units equals
A) less than $5. B) more than $5 and less than $110. C) more than $110 and less than $120. D) more than $120 and less than $150. E) more than $150.
What are some of the ways that real-world airlines price discriminate?
What will be an ideal response?
A simple way of describing the social cost of monopoly is to say that it
A) produces too much. B) makes too much money. C) has too much political power. D) restricts output and charges a higher price than a perfectly competitive firm.
Which of the following is not counted as a part of GDP?
a. the purchase of 100 shares of AT&T stock by your grandfather b. the purchase of a snow plough by the city of Minneapolis c. the unsold additions to inventory at an appliances store d. the purchase of a loaf of bread by a consumer