Policies which promote improvements in health for a society are central to:
A. economic development.
B. rising health care costs.
C. government deficit spending.
D. government monetary policy.
A. economic development.
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Suppose a monopolist chooses the price and production level that maximizes its profit. From that point, to increase society's economic welfare, output would need to be increased as long as
a. average revenue exceeds marginal cost. b. average revenue exceeds average total cost. c. marginal revenue exceeds marginal cost. d. marginal revenue exceeds average total cost.
If the total cost curve gets steeper as output increases, the firm is experiencing
a. diseconomies of scale. b. economies of scale. c. diminishing marginal product. d. increasing marginal product.
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Refer to the following figure. The price of capital is $50 per unit:
How many units of labor should the firm use in order to produce 400 units of output at the least cost?
A. 100 B. 105 C. 110 D. 115