Individuals will have different value judgments about the appropriate rate of unemployment and the appropriate rate of inflation.
Answer the following statement true (T) or false (F)
True
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The total cost of producing one unit of output is $200; two units cost $300, three units $450, and four units $800. Fixed cost is $50. Draw the associated total cost, average cost, and marginal cost curves, placing total cost on one graph and marginal and average cost on a second graph.
What will be an ideal response?
Market activity differs from government activity because
a. markets generally force prices to below-cost levels b. governments never charge for the services they provide c. markets do not use voluntary exchange mechanisms d. markets provide a direct link between benefits and costs e. governments have strong incentives to keep costs under strict control
The U.S. Justice Department prosecuted Microsoft under the terms of
A. the 1933 amendment to the Federal Trade Commission Act. B. the Kefauver amendment. C. the Sherman Act. D. none of these.
You are planning to study eight hours this week for your economics final and are considering studying a ninth hour. You should:
A) compare the benefits of one more hour of study with the cost of one less hour of studying calculus. B) compare the benefits of one more hour of study with the cost of one less hour of work at your part-time job. C) make your decision based on the cost of the next best alternative use of your time compared to the benefit of one more hour of study. D) compare the benefits of one more hour of study with the cost of one less hour of sleep.