Which central coordination task has claimed the most attention of central planners?
A. Output selection
B. Production planning
C. Distribution
D. Rationing
Answer: B
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The total cost of production is measured by the sum of fixed and variable costs
Indicate whether the statement is true or false
Which of the following would you need to know to calculate the unemployment rate?
a. the size of the active military b. the number of discouraged workers c. the size of the civilian labor force d. the number of workers still enrolled in high school
An economic model:
A. exactly explains what happens in the real economy. B. approximates all facets of what happens in the real economy. C. does not make clear assumptions about the economic activity. D. discards unnecessary details to clearly demonstrate the central principles of the economic activity.
An increase in price causes:
A. a decrease in total revenue due to the price effect. B. an increase in quantity demanded. C. an increase in total revenue due to the price effect. D. an increase in total revenue due to the quantity effect.