Refer to the above figure. Profits for this firm are
A. zero.
B. negative.
C. positive.
D. undetermined without more information.
Answer: C
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The long-run average cost curve shows the lowest possible average cost for each output level, given that all inputs are variable.
Answer the following statement true (T) or false (F)
What is the proper characterization of the European Union (EU), and what is its primary accomplishment?
A. The EU is a regional trade bloc which controls the money supply in each member country. B. The EU is a trade treaty that provides a forum where member countries can resolve their trade disputes. C. The EU is a trading cooperative that protects member countries from unfair trade tactics by non-member countries. D. The EU is a regional trade agreement that has eliminated most trade barriers among member countries.
If the present value of an individual's savings account is $52,354, what is its future value in 3 years if the account earns an annual interest rate of 8 percent?
A) $66,580.89 B) $66,320.48 C) $65,950.96 D) $64,589.13
The costs of unemployment are lowest (and perhaps even negative) for ________ unemployment.
A. structural B. cyclical C. frictional D. cyclical and structural