Variable costs are:
A. Sunk costs
B. Costs that change every day
C. Costs that change with the level of production
D. The change in total cost due to the production of an additional unit of output
C. Costs that change with the level of production
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If the change in y = -4 and the change in x = 2, there is
A) an independent relationship between y and x. B) a positive relationship between y and x. C) a negative relationship between y and x. D) no relationship between y and x. E) a relationship between x and y, but more information is needed to determine if it is a negative or positive relationshi
Suppose the market for oranges is perfectly competitive and unregulated. Suppose also that the chemicals used to keep the oranges insect-free damage the environment by an estimated $1 per bushel of oranges. Suppose QD = 1000 - 100P and QS = -100 + 100P. The market equilibrium quantity is
a. 400 b. 450 c. 500 d. 550
An economist might argue that U.S. national defense should be funded through tax revenues because: a. U.S. citizens are not very patriotic
b. the government is always a more efficient provider of goods than the private market. c. the government always seeks to act benevolently on behalf of its citizens. d. individuals who refuse to contribute to a national defense fund cannot be excluded from benefiting from national defense.
If this quote is TRUE, what would the neoclassical growth theory predict?
A) Economic growth stops because most technological advances have already been made. B) Economic growth is temporary regardless of technological change and GDP per person returns to subsistence levels. C) Economic growth will persist indefinitely because technological change will accelerate again as firms seek profits. D) Economic growth will accelerate because these technological changes are permanent.