Rank the following goods from most elastic to least elastic: The Economic Way of Thinking (11th ed.), economics textbooks, textbooks
A) The Economic Way of Thinking (11th ed.), economics textbooks, textbooks
B) The Economic Way of Thinking (11th ed.), textbooks, economics textbooks
C) Economics textbooks, The Economic Way of Thinking (11th ed.), textbooks
D) Textbooks, economics textbooks, The Economic Way of Thinking (11th ed.)
E) None of the above.
A
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A factory produces 1,000 radios a year, AVC = $10 and TFC = $5,000. The factory’s TC
A. equals $15. B. equals $5,005. C. equals $15,000. D. cannot be determined from the information given.
Physical objects are rival in the sense that ________
A) they are necessarily in opposition to one another B) they are nontrivial C) when they are used in one activity, they cannot be used in another D) some countries possess natural resources, e.g. oil, while some do not
Suppose there are ten identical manufacturing firms that produce computer chips with machinery (capital, K) and labor (L), and each firm has a production function of the form q = 10KL0.5. What is the industry-level production function?
A) Q = 10K10L5 B) Q = 100KL0.5 C) Q = 100L0.5 D) none of the above
Payments to households not in exchange for goods and services currently produced are:
a. transfer payments. b. government purchases. c. consumption expenditures. d. investment expenditures.