Use the following table to answer the next question.Total ProductTotal Fixed CostTotal Variable Cost0$150$0115050215075315010541501455150200615027071503608150475915062010150800Based on the cost data given, which of the following price-quantity tables correctly represents the firm's short-run supply schedule?(1)(2)(3)(4)PQsPQsPQsPQs$201$200$200$203302300300304453454450455604605600606755756755757956957956958120712081207120915081509150815010
A. Table (1)
B. Table (2)
C. Table (3)
D. Table (4)
Answer: B
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Consider a country that produces only two goods: pineapples and tractors. Suppose it is possible for this country to increase its production of pineapples without producing fewer tractors. In this case, its current output combination is inefficient
Indicate whether the statement is true or false
Among development economists, the big-push refers to
a. the traditional process of economic dualism that forces workers to move from low-wage to high-wage sectors b. an integrated network of government-sponsored and financed investments that are introduced to LDCs all at once c. the political instability in LDCs that puts pressure on existing governments to achieve economic goals d. a strategy of limiting international trade in LDCs in order to protect new industries e. a situation in which there are many economists competing for a limited number of jobs advising LDCs
Classical economists believed that in the long run the economy would fix itself, thus there was no need for any government action. Which of the following economists disagreed, saying, "In the long run, we are all dead."
A. Milton Friedman B. Arthur Laffer C. George Lucas D. John Maynard Keynes
How does the Fed increase the level of reserves in the banking system?
A) by lowering interest rates B) by buying bonds C) by raising interest rates D) by selling bonds