Exhibit 8-3 Cost per unit curves
In Exhibit 8-3, if the price of the firm's product is $2.00 per unit, the firm will produce:
A. 5 units per day.
B. 10 units per day.
C. 15 units per day.
D. 20 units per day.
Answer: C
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Which of the following is an example of built-in stability? As real GDP decreases,
A. income tax revenues increase and transfer payments decrease. B. income tax revenues and transfer payments both decrease. C. income tax revenues and transfer payments both increase. D. income tax revenues decrease and transfer payments increase.
Which of the following students would be most likely to drop out of college before completing their degree?
What will be an ideal response?
An economic naturalist is someone who:
A. studies the process of natural selection in a cost-benefit framework. B. has an innate talent for using economic concepts. C. applies economic insights to understand everyday life. D. uses economic arguments to protect the environment.
Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class $3. The total utility from each of these activities is set out in the table below. What is Kim's total utility maximizing point?
fig17.PNG A. 2 movies, 2 yoga classes B. 1 movie, 5 yoga classes C. 3 movies, 0 yoga classes D. 0 movies, 8 yoga classes