In Figure 24.2, total revenue at the profit-maximizing rate of output is
A. $22.00.
B. $4.00.
C. $6.40.
D. $16.00.
Answer: A
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In order for an economy to increase its production possibilities, the economy must
A) be very efficient. B) increase inputs. C) increase its wants. D) reduce output.
Suppose that last year you borrowed $100 at 5 percent interest to purchase a $100 pair of Nike cross-training shoes. This year you repaid the bank with interest. If the inflation rate was 10 percent last year, your purchase of the shoes would:
a. make you an inflation winner as you saved $5 on the shoes. b. make you an inflation loser as you paid $5 more than you should have for the shoes. c. not be affected at all by the inflation rate. d. be taxed according to COLA adjustments. e. make you an inflation loser because of bracket creep.
A natural monopoly
A. arises as a result of legal barriers to entry. B. occurs when one firm controls a natural resource. C. arises when one firm can meet the entire market demand at a lower average total cost than two or more firms. D. Both answers A and B are correct. E. Both answers A and C are correct.
Student absenteeism is a problem facing education in the developing world.
Answer the following statement true (T) or false (F)