For a wheat farmer, the following factor(s) are uncontrollable
a. Quality of the wheat
b. Weather
c. The speed at which the product reaches its buyers
d. All of the above
b
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If total costs are $18,000 for the year, and the firm has fixed costs of $12,000, what is the level of the firm's variable costs?
What will be an ideal response?
Bobby faces two choices. The first is to receive $600 on the spot. The other choice is to receive $800 a year from now. The interest rate is 5% per year. What could a possible explanation for Bobby choosing to receive $600 on the spot?
A) Bobby finds that the present value of the $800 a year from now is less than $600. B) Bobby may have time-inconsistent preferences. C) Although Bobby chooses $600 on the spot, he is actually indifferent between the two options. D) None of the above is correct.
Who gains in a voluntary trade?
A) the buyer only B) both the buyer and the seller, but the seller usually gains more C) the seller only D) both the buyer and the seller
The investment schedule is downward sloping and the saving schedule is upward sloping with respect to the interest rate. Suppose the equilibrium real investment per year at the market rate of interest is $1 trillion. How is this represented when real national income per year is on the horizontal axis? How is this incorporated into the consumption-function graph?
What will be an ideal response?