Refer to Table 2-18. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella
C) 5 umbrellas D) 10 umbrellas
A
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Suppose that Mighty Mike's Sandwich Shop was started in 1998 and 100 percent of the $250,000 needed to start up the company was raised by selling shares of stock. In 2000, the company distributed its entire profit of $15,000 to shareholders
If the market interest rate is 5 percent, what is the level of economic profit earned by the firm's stockholders?
The term minimum efficient scale refers to:
a. the output corresponding to the minimum point of the short-run average-total-cost curve. b. the total of all efficient points along the long-run average-cost curve. c. the output corresponding to the highest point of the short-run average-total-cost curve. d. the minimum point of the long-run average-cost curve, or the output level at which the cost per unit of output is the lowest. e. the maximum point of the long-run average-cost curve, or the output level at which the cost per unit of output is the highest.
If Congress voted to eliminate the minimum wage, which of the following would most likely occur?
a. Decrease in unit costs and an upward shift of the aggregate supply curve b. Decrease in unit costs and an upward movement along the aggregate supply curve c. Decrease in unit costs and a downward shift of the aggregate supply curve d. Increase in unit costs and an upward shift of the aggregate supply curve e. Increase in unit costs and an upward movement along the aggregate supply curve
College tuition expenses have risen from 1982 to 2012 by
A. an amount equal to prices in general. B. an amount greater than average prices. C. an amount less than average prices. D. the amount of the percentage increase in the overall CPI.