An example of an ongoing expense for a toy company would be buying:
A. a delivery truck, and would be included in total cost.
B. a new factory, and would be excluded from total cost.
C. advertising for their products, and would be included in total cost.
D. None of these is true.
C. advertising for their products, and would be included in total cost.
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The average National Basketball Association player is over 6 feet tall. The average horse jockey is shorter than 5 1/2 feet tall. This is because height provides NBA players with:
a. d and e. b. an absolute advantage for horse racing. c. an absolute disadvantage for other sports in general. d. a comparative disadvantage in horse racing. e. a comparative advantage in basketball.
Suppose that when income taxes are reduced by $400 billion, households increase consumption by 80% of the resulting change in disposable income. Suppose also that the multiplier is 2. At a given price level, the aggregate demand curve shifts to the right by
A) $320 billion. B) $400 billion. C) $640 billion. D) $800 billion.
The key feature of ________ is that firms act strategically.
A. perfectly competition B. an oligopoly C. a monopoly D. a natural monopoly
For a perfectly competitive firm, the value of the marginal product is
A) the same thing as marginal factor cost. B) the same thing as marginal physical product. C) marginal physical product times the product price. D) marginal physical product times the wage rate.