Which of the following are the two categories of investment measured in the expenditure approach?
a. durable investment; nondurable investment
b. fixed investment; inventory investment
c. capital investment; noncapital investment
d. gross investment; net investment
b. fixed investment; inventory investment
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Graph typical total, average, and marginal cost curves and explain how their shapes are influenced by the law of diminishing returns. Graph TC on a separate graph, AC and MC on a second graph.
What will be an ideal response?
One indication that an industry might be oligopolistic is that prices change
a. infrequently. b. frequently. c. in rhythmic patterns. d. on a regular, periodic basis.
When price was 10, quantity demanded was 50. When price increased to 12, quantity demanded decreased to 40. Therefore, when price increased, total revenue
A. decreased from 500 to 480, indicating that demand is elastic. B. increased from 480 to 500, indicating that demand is elastic. C. decreased from 500 to 480, indicating that demand is inelastic. D. increased from 480 to 500, indicating that demand is inelastic.
How has organizing a typical firm in a market economy changed over the last century?
A) It has become easier as more and more firms discover how to do it. B) As government intervention has decreased, firms now have more freedom. C) There has been no change one way or the other over the last century. D) It has become more difficult to efficiently organize production.