Total cost refers to the market value of all resources used in producing a good or service.
Answer the following statement true (T) or false (F)
True
Total cost includes both explicit and implicit costs.
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An economist would say the price is too high for a certain service if
A. poor people couldn’t afford to buy it. B. nobody could afford to buy it. C. the price was above marginal cost. D. it is an essential service and consumes a significant share of income.
In 1930, the U.S. government attempted to help domestic firms that were harmed by the Great Depression by
A) passing the North American Free Trade Agreement (NAFTA). B) establishing the General Agreement on Tariffs and Trade (GATT). C) establishing the World Trade Organization (WTO). D) passing the Smoot-Hawley Tariff.
The adult population of a country is 50 million. 35 million form part of its labor force. The labor-force participation rate in this country is _____
a. 50% b. 30% c. 70% d. 35%
Calculate the firm's total profit.
