As an In-N-Out Burger restaurant increases the number of employees for a specific restaurant,
A. The production function will increase.
B. Costs of production will fall.
C. Efficiency will suffer as the restaurant becomes too crowded with employees.
D. Total production of hamburgers will fall.
Answer: C
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Decisions to determine the government's budget are called:
A. fiscal policy. B. structural policy. C. trade policy. D. monetary policy.
The value of exports minus the value of imports is called the:
A. trade value. B. net budget balance. C. balance of trade. D. net trade value.
Refer to the graph shown. This set of cost curves is:
A. wrong because the marginal cost curve should go through the minimum points of the ATC and AVC curves in that order. B. wrong because the ATC should be below the AVC. C. correct. D. wrong because the marginal cost curve should not intersect the average total cost curve.
When a surplus of rice occurs,
A) the price of rice rises. B) the price of rice falls. C) there is a balance between the forces of supply and demand. D) the quantity demanded is greater than quantity supplied at the current price. E) the demand curve shifts rightward and the supply curve shifts leftward to eliminate the surplus.