Variable costs are
a. the same as sunk costs
b. irrelevant to decision making, because they are sunk
c. the costs of inputs that vary with the level of production
d. the costs of inputs that do not vary with the level of production
e. the additional total cost associated with producing an additional unit of output
C
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Suppose that there are only two goods in Japan, sushi and saki. The absolute price of a 100-gram plate of sushi is 200 yen, and the absolute price of a liter of saki is 100 yen. What is the relative price of saki in terms of sushi?
a. 100 grams per liter. b. 200 grams per liter. c. 50 grams per liter. d. 400 grams per liter.
In which decade did the United States begin experiencing large trade deficits?
A) 1960s B) 1990s C) 2000s D) 1970s
The typical shape of an isoquant is
A) linear and upward sloping. B) convex towards the origin. C) concave towards the origin. D) linear and downward sloping.
By definition, total production must always equal total
a. sales. b. demand. c. purchases. d. income.