Refer to the information. The average total cost of 3 units of output is:
The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question.
A. $65.
B. $21.67.
C. $40.
D. $35.
D. $35.
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The number of persons who could become lawyers or surgeons is potentially quite large, yet these two groups earn fairly high incomes. One of the main reasons why they do is the
A. return on the investment of many years of training. B. evening-out of their low income during schooling. C. rent on their unique and rare talents. D. scarcity value of their abilities.
The income elasticity of demand for food
A) does not change when an individual's income changes. B) increases as an individual's income increases. C) decreases as an individual's income increases. D) is negative.
Assuming that the part of the government's budget used for military expenditures reduces the amount available for consumption expenditures and that the benefits to military expenditures take longer to accrue than consumption expenditures, _____
decision-makers will _____. a. democratic; be biased against military spending b. democratic; be biased in favor of military spending c. autocratic; be biased in favor of consumption d. autocratic; be biased in favor of military spending
When economic growth (a gradual shift of LRAS to the right) expands the production possibilities of an economy,
a. a higher rate of real output can be achieved in the short run, but it cannot be sustained in the long run. b. a larger output can be attained even if unemployment remains at its natural rate. c. the general level of prices will rise if the money supply is held constant. d. the equilibrium in the goods and services market will be disrupted.