In the long run, which of the following is likely to be a variable cost?
A. Wage costs but not costs for equipment.
B. Rent, wages, and all other costs are variable in the long run.
C. Factory rental but not wage costs.
D. Interest payments on borrowed funds but not utilities.
Answer: B
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If the economy has been producing at a point where real GDP is less than potential GDP, what fiscal policy can the federal government use to restore real GDP to potential GDP?
A) decrease the quantity of money B) raise the interest rate C) increase taxes D) cut government expenditure on goods and services E) cut taxes
There is only a small difference in wages between college graduates and workers who did not attend college.
Answer the following statement true (T) or false (F)
Exhibit 6-7 Marginal utility for sandwiches and sodas Quantity Sandwiches Sodas 1 10 5 2 8 4 3 6 3 4 3 1 5 ?1 0 Refer to Exhibit 6-7. Diminishing marginal utility for sandwiches sets in after the ____ sandwich.
A. first B. second C. third D. fourth
Refer to the information provided in Table 21.8 below to answer the question(s) that follow. Table 21.8
Refer to Table 21.8. The value for personal income in billions of dollars is
A. 970. B. 1,000. C. 1,050. D. 1,110.