The shape of a firm's ________ -run average cost curve depends on how costs vary with ________.
A. long; scale of operations
B. short; scale of operations
C. short; no fixed factor of production
D. long; a fixed factor of production
Answer: A
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In the figure above, in which country do the lowest-income 30 percent of households have the highest fraction of the nation's income?
A) Country A B) Country B C) Country C D) It is impossible to answer the question without more information.
The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to:
A) 12.5 B) 10 C) 2.5 D) 7.5
The purchase of a new Boeing fighter jet by Israel is classified in the U.S. GDP accounts as
A) import expenditure. B) export expenditure. C) consumption expenditure. D) investment expenditure. E) government expenditure.
Refer to Scenario 4 . Assume that the state originally spent one-half of its budget on schools and one-half on prisons
What was the production of schools and prisons? Could the same number be achieved after the price of producing prisons falls to $1.5 million and the price of producing schools rises to $2 million? Explain.