OutputTotal Cost0$24133241348454561669Refer to the above data. The average fixed cost of producing 3 units of output is:
A. $5.50.
B. $8.
C. $6.
D. $7.40.
Answer: B
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When economists say that people choose rationally, this means
a. they gather all relevant information before making their purchases b. once a pattern of behavior has been established, people tend to become set in their ways c. people respond in predictable ways to changes in costs and benefits d. people rarely make errors when they are permitted to make transactions e. once made, decisions are never reversed
Customer alliances are built upon which of the following?
a. Long-term focus b. Senior leadership involvement c. Cross-organizational teams are widely employed d. Shared risks and rewards e. Open communication and linked information systems f. All of the above
For the U.S. economy, which of the following represents the largest component of GDP?
A) imports B) investment C) government spending D) exports E) none of the above
Moore's law refers to which of the following?
A) The steady state rate of growth of output per capita will equal the rate of growth of technological progress. B) The number of transistors in a chip would double approximately every 18-24 months. C) The steady state rate of growth of output per effective worker will be zero. D) The saving rate that maximizes steady state consumption is .5 (s = 0.5). E) none of the above