Total cost schedule for a competitive firm: 
If market price is $30, how many units of output will the firm produce?
A. 0, the firm shuts down
B. 1
C. 2
D. 3
E. 4
Answer: A
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Describe the history and consequent deepening as the European Union developed
Which treaties created which level of economic integration? Do countries have the ability to participate in some levels of integration and not others? Give specific examples.
Per-capita output growth is the growth rate of output
A. of the entire economy. B. per worker in the economy. C. for capitalist economies. D. per person in the economy.
Sanjay is consuming X and Y so that he is spending his entire income and MUx/Px = 8 and MUy/Py = 14. To maximize utility, he should consume
A. the same amount of X and Y since he is already maximizing utility. B. more X and less Y. C. less of both X and Y. D. less X and more Y.
Import substitution industrialization in Latin America
A) relied on increased exports. B) provided subsidies for exports. C) shifted the bulk of exports away from primary commodities. D) created disincentives to export. E) Answers A and C are correct.