What is a household's choice set defined as?
What will be an ideal response?
Choice set is defined as the set of options that is characterized and limited by the budget constraint.
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Assume that you have data on a firm's average fixed cost and average variable cost for various levels of output and you are asked to calculate the total variable cost and total cost of the firm
Would this be enough information to perform this calculation? Explain
What is the measure of the income earned by owners of resources used in making final goods and services?
a. personal income b. national income c. retained earnings d. gross domestic income
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. Which of the following statements is true?
a. Brazil has an absolute advantage in producing only coffee. b. Brazil has an absolute advantage in producing only sugar. c. Chile has an absolute advantage in the production of both coffee and sugar. d. Chile has an absolute advantage in producing only coffee. e. Brazil has an absolute advantage in the production of both coffee and sugar.
When Carvana sold stock to the public in its IPO, it did so through the New York Stock Exchange. People who bought the shares
A) were promised to be repaid their investment plus interest. B) did so in the indirect finance market. C) own part of the company. D) All of the above are true.