Wilbur's Widgets, a widget company, produces 100 widgets. Its average fixed cost is $5 and its total variable cost is $300. What is the total cost of producing 100 widgets?
A. $300
B. $305
C. $500
D. $800
Answer: D
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Refer to Table 2-7. What is Mickey's opportunity cost of making an umbrella?
A) 1/5 of a hat B) 5 hats C) 10 hats D) 50 hats
A government can impose an import quota or an equivalent tariff that achieves the same impact on trade. What is the key difference in the welfare outcomes of these two policy options?
A) The domestic quantity supplied is larger under the tariff policy. B) The domestic price is higher under the tariff policy. C) The domestic price is lower under the tariff policy. D) The government captures some of the profits from foreign suppliers through the tariff revenue.
The income velocity of money is
A) the time it takes to produce money. B) the time lag from when the Fed decides to increase the money supply until the effect takes place. C) the number of times per year a dollar is spent on final goods and services. D) the time it takes for monetary policy to have an effect on world financial markets.