Prices for industrial commodities such as steel rods or machine tools are
A) heavy prices. B) custom prices. C) auction prices. D) sticky prices.
B
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An individual who is suffering from money illusion is more concerned with
A) real prices than with nominal prices. B) nominal prices than with relative prices. C) relative prices than with nominal prices. D) relative prices than with real prices.
According to the table above, clothing production exhibits
A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) varying returns to scale.
Compared with constant cost production, if production occurs under increasing cost conditions, it is MORE likely that countries will:
a. completely specialize. b. incompletely specialize. c. not engage in international trade. d. trade with one another.
Use the table below to answer the following question. Units of Total Fixed Total Variable Output Cost (dollars) Cost (dollars) 1 1,000 1,200 2 1,000 2,400 3 1,000 3,600 4 1,000 5,000 5 1,000 6,600 What is the average total cost at an output level of four units?
A. $1,200. B. $1,400. C. $1,500. D. $2,000.