Macroeconomics approaches the study of economics from the viewpoint of:
A. the entire economy.
B. governmental units.
C. the operation of specific product and resource markets.
D. individual firms.
Answer: A
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Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her average total cost?
A) $6.67 B) $10.00 C) $11.00 D) $13.33
Refer to the above table. The capital account balance is
A) 0. B) -$260. C) -$200. D) -$155.
From a point inside the production possibility frontier, a. more of one good can be produced only by sacrificing some output of another good
b. it is possible to increase production of both goods. c. it is impossible to increase production of either good with current resources and technology. d. increased output of both goods can only occur if the production possibility curve shifts outward.
The measurement error is the difference between the actual value of a variable and its reported value.
Answer the following statement true (T) or false (F)