The implementation of new production methods by managers, such as the "just-in-time" inventory system, increases:
A. the quantity of human capital.
B. the share of the population employed.
C. the unemployment rate.
D. average labor productivity.
Answer: D
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Assume that at the current level of output, price equals marginal revenue, but is less than average total cost. So long as price is greater than average variable cost, the firm should continue to operate in the short run to minimize its losses
Indicate whether the statement is true or false
The most important advantage of discount policy is that the Fed can use it to
A) precisely control the monetary base. B) perform its role as lender of last resort. C) control the money supply. D) punish banks that have deficient reserves.
Implicit costs are the
a. opportunity costs of using resources owned by the entrepreneur in his/her own business b. payments the business owner must make on borrowed funds c. costs which vary as the level of output varies d. payments the business owner makes in cash e. payments the business owner makes for public relations, such as donations to charity
Alicia spends $20,000 on remodeling a storefront that she then opens as a flower shop. Her business has not been very successful, and she needs an additional $8,000 to keep the flower shop. Which of the following is true?
A. The $8,000 Alicia needs to keep the flower shop open represents her total fixed costs. B. The $20,000 Alicia spent on remodeling represents a part of the total variable cost of her business. C. The $20,000 Alicia spent on remodeling is a fixed cost of her business. D. The $8,000 represents her marginal costs of production.