Consider a firm with the following cost and revenue information: ATC = $20, AVC = $10, and P = MR = $30 . If the firm follows the rule to maximize profits, its output level is 3 . Therefore MC equals
a. $20
b. $10
c. $30
d. $90
e. $3
C
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The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. The short-run macroeconomic equilibrium is a price level of ________ and a real GDP of ________
A) 90; $400 B) 100; $400 C) 110; $500 D) 120; $400
Without technological advancement, how can a nation achieve economic growth?
A) by producing more high-value goods and fewer low-value goods B) by producing more low-value goods and fewer high-value goods C) through an increase in supplies of factors of production D) by decreasing the size of the labor force
Inheritance is responsible for about ________ percent of the income inequality in the United States
A) 10 B) 25 C) 40 D) 60
Of the four groups listed below, the highest unemployment rate is typically experienced by:
a. females as a group. b. males as a group. c. teenagers. d. persons who completed 1-3 years of high school.