The total product is 10 units. The average total cost is $30 and the average fixed cost is $10. What is the amount of the total variable cost?
A) $20
B) $200
C) $300
D) $10
E) It is impossible to determine with the information given.
B
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Output in the long run is determined by which of the two following factors when an economy operates at full employment?
A) capital and supply B) capital and labor C) the "real" GDP and purchases D) imports and exports
Some factors that allow firms to make economic profits are beyond its control. All but one of the following is an uncontrollable factor. Which factor is controllable?
A) chance events B) consumer tastes C) product differentiation D) input prices
China's recent economic performance is most similar to the experience of ________
A) the United States in the 1890s B) Japan in the 1960s & 1970s C) Cuba in the 1990s D) the Soviet Union in the 1950s & 1960s
Using the Taylor rule, if inflation is 1 percent, desired inflation is 2 percent, and output is 2 percentage points above potential, the Fed should target a federal funds rate of:
A. 3.0. B. 3.5. C. 6.5. D. 4.5.