Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of
A) "When will the goods be produced?"
B) "For whom will goods be produced?"
C) "How will the goods be produced?"
D) "Why will the goods be produced?"
E) "Where will the goods be produced?"
C
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The country of Pimm exports $500 billion worth of goods and services and imports $400 billion worth of goods and services. Net interest income paid abroad is $50 billion and net transfers are $0. The current account balance is ________
A) $50 billion B) $100 billion C) $150 billion D) $975 billion
The above table shows the short-run total product schedule for the campus book store. What is the average product (AP) of the 4th employee?
A) 58 books sold B) 14.5 books sold C) 18 books sold D) 13.3 books sold
If the demand for oranges is written as Q = 100 - 5p, then the inverse demand function is
A) Q = 5p - 100. B) Q = 20 - .2p. C) p = 20 - 5Q. D) p = 20 - .2Q.
If two perfectly competitive firms produce the same quantity at the market price, then, at that quantity, they must have the same
a. marginal cost and average total cost b. marginal cost and average fixed cost c. average total cost and average fixed cost d. average fixed cost and average variable cost e. marginal cost