The above table gives some production and cost information for Flaming Fernando's, a restaurant that sells Fiery Frijoles. What is the average total cost of producing 4,500 frijoles?
A) $2
B) $225
C) $9000
D) More information is needed to determine the answer.
A
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How does the imposition of an excise tax on a good affect its market equilibrium?
A) Equilibrium quantity decreases, and equilibrium price decreases. B) Equilibrium quantity decreases, and equilibrium price increases. C) Equilibrium quantity increases, and equilibrium price decreases. D) Equilibrium quantity increases, and equilibrium price increases
Approximately how long would it take for real GDP to double if it grew at a constant annual rate of 2 percent?
A. Approximately 2 years. B. Approximately 36 years. C. Approximately 72 years. D. Approximately 20 years.
The legal concept of limited liability is important in which of the following types of business organizations?
A. Partnerships B. Monopolies C. Corporations D. Sole proprietorships
In the rational expectations theory, a temporary change in real output could result from:
A. Anticipated price-level changes B. A price-level surprise C. A coordination failure D. Insider-outsider relationships