Technology is:
A) knowledge that can be applied to the production of goods and services.
B) generally unlimited in modern economies.
C) a graphical illustration of the alternative combinations of goods and services an economy can produce.
D) the resources the economy has available to produce goods and services.
Ans: A) knowledge that can be applied to the production of goods and services.
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You observe that in the market for coffee that both the equilibrium price of coffee and the equilibrium quantity have increased. You predict that the demand for coffee
A) has increased with no change in the supply of coffee. B) has increased but it is not as large as the increase in supply. C) has not changed but that the supply of coffee has decreased. D) has increased less than supply of coffee has decreased.
Firms in a perfectly contestable market will be forced to operate as efficiently as possible and to charge prices as low as long-run financial survival permits. Why?
Given the total cost function TC = 2,000 + 2Q, when output is 1,000 units average total cost is ________ and total fixed cost is ________.
A. $2; $2 B. $4; $2 C. $4,000; $2,000 D. $4; $2,000
In order to pay foreigners interest on the debt, the United States must:
A. export more than it imports. B. import more than it exports. C. reduce imports and exports by the same amount. D. increase imports and exports by the same amount.