Refer to Figure 12-1. If the firm is charging a price of $12 per unit
A) it is not selling any output. B) it is selling 700 units.
C) it is making a profit. D) it breaks even.
A
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Which of the following changes would have the largest impact on the CPI?
A) a one percent increase in the cost of housing B) a one percent increase in the cost of transportation C) a one percent increase in the cost of medical care D) a one percent increase in the cost of education E) a one percent increase in the cost of apparel
In the above figure, real GDP at full employment is
A) $16 trillion. B) $16.5 trillion. C) more than $16 and less than $16.5 trillion. D) None of the above answers is correct.
A good or service is said to be scarce when:
a. its price is too low. b. it is offered only to high income earners. c. no one wishes to purchase it. d. it cannot be transported easily. e. at a price of zero, there is not enough to satisfy everyone's desire for it.
The production possibilities frontier slopes downward and to the right because of limited resources
a. True b. False Indicate whether the statement is true or false