Microeconomics and macroeconomics use different units of analysis
Indicate whether the statement is true or false
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A business incurs the following costs per unit: Labor - $5/unit; Materials $3/unit and rent - $5000/month. If the firm produces 100 . units a month, the total variable costs equals
a. $5,000 b. $8,000 c. $13,000 d. $10,000
The kinked demand curve depicts
A. cut-throat competition. B. cartels. C. collusive oligopoly. D. price leadership.
Fiscal policy refers to the:
A. fact that equal increases in government spending and taxation will be contractionary. B. manipulation of government spending and taxes to stabilize domestic output, employment, and the price level. C. manipulation of government spending and taxes to achieve greater equality in the distribution of income. D. altering of the interest rate to change aggregate demand.
Refer to the above figure. Production at Point F
A. is not attainable given the underlying assumptions of the production possibilities curve (PPC). B. would not be desirable. C. can be attained only if a society desired more goods and services. D. can only be attained by giving up Point E.