Refer to the graph below. If the firm is producing at Q1, the area 0ADQ1 represents:
A. Total costs
B. Total variable costs
C. Total fixed costs
D. Average total costs
A. Total costs
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The "law of supply" states that, other things remaining the same, firms produce
A) more of a good the less it costs to produce it. B) less of a good the more it costs to produce it. C) more of a good the higher its price. D) less of a good as the required resources become scarcer.
Refer to Figure 2-10. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 46 thousand forks B) 26 thousand forks C) 40 thousand spoons D) 20 thousand spoons
Suppose the government decided to ease monetary policy, then increase taxes. In the short run in the Keynesian model, the effect of these policies would be to ________ the real interest rate and ________ the level of output
A) lower; increase B) lower; decrease C) lower; have an ambiguous effect on D) have an ambiguous effect on; increase
A renewable resource such as fish which is also an open-access good is:
a. rival but nonexcludable. b. nonrival and nonexcludable. c. nonrival but excludable. d. rival and excludable.