A firm that produces widgets must pay a fixed cost of $150. It costs an additional $30 for every widget that they produce. If the market price is $40, how many widgets does the firm have to sell so that it does not incur a loss?
A. 15
B. 1
C. 5
D. 10
Answer: A
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Refer to Figure 2-6. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 26 thousand forks B) 20 thousand spoons C) 46 thousand forks D) 40 thousand spoons
The process by which unions and firms agree on the terms of employment is called collective bargaining
a. True b. False Indicate whether the statement is true or false
A government policy deemed to be "temporary" indicates:
A) only long-run expectations are unchanged. B) only expected exchange rates are unchanged. C) only prices are not flexible in the short run. D) there are sticky prices, fixed expected exchange rates, and constant long-run expectations.
What is a tariff?
a specific limit on the quantity of an import (import quota) a specific limit on the quantity of an export a tax on an import a government subsidy that pays part of the exporter's production costs