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 four drones are produced, average variable costs are
A. $5.
B. $10.
C. $17.50.
D. $25.
Answer: C
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Geri purchases a newly constructed house built by a private contractor. Her spending on the house is included in GDP as a part of
a. personal consumption expenditures. b. depreciation. c. gross private investment. d. personal saving.
Number of workersUnits of output0012525539541255150Table 8.2Refer to Table 8.2, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product of the fifth worker is:
A. 0 units. B. 10 units. C. 25 units. D. 30 units.
If the average annual growth rate in real Gross Domestic Product (GDP) for a nation during the last decade was 4 percent per year and the average annual population growth rate was 3 percent per year during the same period, then the average annual growth rate of per capita GDP was
A. -1 percent. B. 1 percent. C. 0 percent. D. 7 percent.
A pure monopoly has a HHI value of
A. 1,000. B. 5,000. C. 10,000. D. 100,000.