The results of many empirical studies of short-run cost functions have shown that total costs conform to
A) a quadratic total cost function.
B) a power cost function.
C) a linear cost function.
D) a cubic cost function.
C
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To assist pineapple growers in Hawaii, the U.S. government decides to limit the number of pineapples allowed into the country that are grown in Central American countries. Such a restriction is called a(n)
A) import. B) export. C) quota. D) tariff.
When economists talk about growth in the economy, they measure that growth as the
a. absolute change in nominal GDP from one period to another. b. percentage change in nominal GDP from one period to another. c. absolute change in real GDP from one period to another. d. percentage change in real GDP from one period to another.
When something is indexed:
A. its value is automatically adjusted in proportion to the cost of living. B. its real value is converted into nominal terms for comparison. C. it is expressed as nominal value multiplied by price index. D. its relative rank in consumption items is compensated for relative to its cost.
Which of the following is NOT an objective of economic regulation?
A. to keep rates of return in an industry at a competitive level B. to prevent monopoly profits C. to fix prices so that they are never allowed to rise D. to regulate the prices enterprises are allowed to charge