Refer to the short-run information provided in Figure 8.5 below to answer the question(s) that follow. 
Figure 8.5 Refer to Figure 8.5. If one drone is produced, average variable costs are
A. $25.
B. $30.
C. $40.
D. indeterminate from this information.
Answer: B
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All income, production, and expenditure variables that are measured at current market prices are referred to as ________
A) real variables B) nominal variables C) implicit variables D) index variables E) none of the above
When the exchange rate is allowed to adjust to market forces, all of the following are true except one. Which is the exception?
a. The foreign exchange market clears continually. b. The quantities of foreign exchange demanded and supplied are equal. c. The exchange rate will only change if the central bank alters the exchange rate. d. The exchange rate will remain constant until a change occurs in one of the factors that affect supply or demand. e. The forces of demand and supply determine the exchange rate.
If the price of steel rises, the law of supply predicts that, other things constant, the:
A. supply of steel will decrease. B. quantity supplied of steel will decrease. C. quantity supplied of steel will increase. D. supply of steel will increase.
The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. If Light-U-Up is unregulated, it will produce ________ and sell at a price of ________
A) 200 kwh; 10¢ per kwh B) 200 kwh; 30¢ per kwh C) 300 kwh; 20¢ per kwh D) 400 kwh; 10¢ per kwh