How do levels of output affect the average total cost (ATC) curve?
a. The ATC curve is not affected by output levels, just by costs.
b. ATC rises whenever total output increases.
c. Average costs are low at low output and high at high output.
d. At both very small and very large levels of output, ATC is high.
d. At both very small and very large levels of output, ATC is high.
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If the economy were producing at point E and moves to point D,
A. resources will shift from producing capital goods to producing consumer goods.
B. resources will shift from producing consumer goods to producing capital goods.
C. more capital goods can be produced without any sacrifice in consumer goods production.
D. more consumer goods can be produced without any sacrifice in capital goods production.
Distinguish M1 from M2
What will be an ideal response?
Which of the following lists contains, in this order, natural resources, human capital, and physical capital?
a. For a restaurant: the land the restaurant was built on, the money it borrowed to buy supplies, the freezers where the chops and steaks are kept. b. For a furniture company: wood, the skills and knowledge of its workers, saws. c. For a railroad: fuel, railroad engines, railroad tracks. d. None of the above is correct.
A business owned by a single person
What will be an ideal response?