Which of the following expeditions is associated with Vasco Da Gama?
a. Rounding the Cape of Good Hope
b. Sailing from Portugal to India and back to Portugal
c. Sailing around the world
d. Reaching South America
e. Exploring Newfoundland
b. Sailing from Europe to India and back
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Government production accounts for about half of all GDP in the United States.
Answer the following statement true (T) or false (F)
Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces only teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day
What is the opportunity cost of 1 teapot in Arcadia? A) 2/3 of a surfboard B) 1.5 surfboards C) 40 surfboards D) 60 surfboards
The SRAS is ____; the LRAS is ____
a. upward sloping; upward sloping b. upward sloping; vertical c. vertical; upward sloping d. vertical; vertical
Refer to the above table. This firm operates in a perfectly competitive market in which the market price is $5/unit. What is TRUE when the firm produces 110 units?
A. Its total profit is $65. B. Total revenue equals $3,075. C. Marginal revenue is more than marginal cost. D. Total costs exceed total revenue by $65.