In the immediate market period for a highly-perishable crop like tomatoes, the individual farmer's supply curve tends to be:
A. Perfectly inelastic
B. Perfectly elastic
C. Quite flat
D. Downward-sloping
A. Perfectly inelastic
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Criteria for an optimum currency area include all the following except
A) fiscal transfers. B) similar business cycle patterns. C) extensive trade with each other. D) a common language.
An unexpected exogenous event which has a significant impact on an important sector of the economy or on the economy as a whole is called a(n)
A) macroeconomic shock. B) countercyclical fluctuation. C) downward economic spiral. D) autonomous destabilizer.
Suppose a firm acts to minimize the cost of producing 500 units of output and determines this cost to be $25,000. Then, if the firm acts to maximize output for a total cost of $25,000, the maximum output attainable is
A) 500. B) less than 500. C) more than 500. D) unknown.
Which of the following does the production possibilities curve illustrate?
a. The tradeoffs facing a society b. The fact that more of one product can be produced only by reducing the quantity of other products that are being produced, assuming that resources are being used efficiently c. The maximum output that can be produced with a limited amount of resources d. The opportunity cost of alternative choices e. All of these