The Jerry-Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, which of the following is correct?
A) The total fixed cost is $1.
B) The average fixed cost of 1 gallon is $1.00.
C) The average variable cost of 2 gallons of ice cream is $1.00 per gallon.
D) Only answers A and B are correct.
E) Answers A, B, and C are correct.
E
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The practice of a group of firms negotiating a uniform price and fixing agreed-upon market share in order to limit competition is
a. legal in all states but illegal in Washington, D.C. b. called conglomerate behavior c. seldom successful because entry into the industry cannot be denied d. called collusion e. less profitable for each firm than maximizing profit individually
A circular-flow model and production possibilities frontier are similar in that
a. neither allows economic analysis to occur. b. neither can be represented visually on a graph. c. both make use of assumptions. d. both make use of complex equations to arrive at solutions.
A period of protracted slow growth and high unemployment is called:
A. stagflation. B. deflation. C. structural stagnation. D. cyclical stagnation.
The World Trade Organization (WTO) promotes foreign trade and investment, or globalization. In recent years opposition to globalization has led to violent protests at meetings of the WTO. One reason for these anti-globalization protests is
A) foreign trade and investment are examples of zero-sum games. B) protesters believe that globalization will result in a return to communism in developing countries. C) protesters believe that free trade destroys the distinctive cultures of many countries. D) protesters object to the loss of intellectual property (such as software programs and movies) that results from foreign trade and investment.