Economic profits at the short-run break-even point are
A) positive.
B) negative.
C) equal to zero.
D) indeterminate since they also depend on the size of the fixed costs.
Answer: C
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Globalization was much more pervasive in the 1800s than it is today
a. True b. False Indicate whether the statement is true or false
Suppose that soup is measured on the horizontal axis and bread is measured on the vertical axis. At an interior solution:
A. MRSSB = PS/PB. B. MRSSB = - PS/PB. C. MRSSB = PB/PS. D. MRSSB = - PB/PS.
Which of the following is an example of a nation with a traditional economy?
a. the national government has mandated that 100,000,000 tons of butter be produced each year b. techniques used for growing wheat have been unchanged for centuries c. due to high fuel prices, many fuel-efficient cars are being produced d. economic authorities have ordered industry to produce tanks and heavy weaponry instead of food
Assume there are only two goods in the economy, apples and bananas. In 2018, 2,000 apples were sold at $1 each and 8,000 bananas at $0.60 each. In 2019, the price of apples rose to $1.5 and the quantity rose to 2,200; the price of bananas rose to $0.80 and the quantity sold rose to 8,500. Calculate real GDP in 2019 using 2018 as the base year.
What will be an ideal response?