A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300Which of the following output-combinations is unattainable?
A. 4 units of steel and 55 units of wheat
B. 95 units of wheat and 0 units of steel
C. 30 units of wheat and 3 units of steel
D. 1 unit of steel and 80 units of wheat
Answer: A
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Total revenue is equal to
A) the change in price resulting from a one-unit increase in quantity sold. B) the amount people will buy at a given price. C) the change in the quantity sold when you change the price by one unit. D) price multiplied by the quantity sold. E) the price at which the good or service is sold.
Suppose the price of a product is less than its average variable cost. When the firm's fixed obligations are completely ended, it will now most likely
a. make an economic profit b. go out of business c. expand to a bigger operation d. continue to be shut down e. break even
The effect of automatic stabilizers on the business cycle is to _____
Fill in the blank(s) with the appropriate word(s).
A decrease in the supply of musicians ________ the number of musicians employed, and ________ the wages paid to musicians.
A. increases; increases B. increases; decreases C. decreases; increases D. decreases; decreases