Exports amount to about 11 percent of U.S. GDP
a. True
b. False
A
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Total costs equal
a. Fixed costs b. Variable costs c. Sunk costs d. Fixed costs plus variable costs
Which of the following statements regarding equilibrium in the markets for capital and for a natural resource used in producing a good is true?
A) The marginal revenue product of capital will equal the rental price of capital and the marginal revenue product of the natural resource will equal the price of the natural resource. B) The rental price of capital will equal the price of the natural resource. C) The marginal product of capital will equal the rental price of capital and the marginal product of the natural resource will equal the price of the natural resource. D) The marginal revenue product of capital will equal the marginal revenue product of the natural resource.
Governments of market-oriented economies never tamper with the price mechanism
a. True b. False Indicate whether the statement is true or false
Vipsana's Gyros House sells gyros. The cost of ingredients (pita, meat, spices, etc.) to make a gyro is $2.00. Vipsana pays her employees $60 per day. She also incurs a fixed cost of $120 per day. What is Vipsana's total cost per day when she does not
produce any gyros and does not hire any workers? A) $0 B) $2 C) $60 D) $120