In the short run, if a firm does not produce any output then it does not incur any costs
a. true
b. false
Answer: b. false
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When GM advertises its cars, the company is trying to cause a
A. rightward shift in the supply. B. rightward shift in the demand. C. leftward shift in the supply. D. leftward shift in the demand.
When Wal-Mart decides to build a new retail store in a town, it will decide to build a large store rather than a small store if the large store is expected to earn a greater economic profit
What other motive would Wal-Mart have for choosing to build a large store? A) A larger store will help Wal-Mart maintain its position as the leading retail company in the world more than a smaller store would. B) Because of economies of scale, the average total cost of production is less for a larger store than a smaller store. C) A larger store will give Wal-Mart greater political influence in the community. D) A larger store may deter entry into the town by a rival firm.
If this is a closed economy, how many bushels of corn will be produced?
A. 600 million bushels B. 900 million bushels C. 300 million bushels D. 150 million bushels
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A. B. C to D. C. B to D. D. A to C.