If Utopia has a closed economy, the price of tile is $________ per case, and if it has an open economy the price of tile is $________ per case. 
A. 15; 10
B. 30; 15
C. 20; 15
D. 15; 20
Answer: C
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A profit-maximizing firm in a competitive market will always make marginal adjustments to production as long as
a. average revenue is greater than average total cost. b. average revenue is equal to marginal cost. c. marginal cost is greater than average total cost. d. price is above or below marginal cost.
Average fixed cost (AFC)
A) is the fixed cost divided by the average sales price of the final good. B) is the fixed cost divided by the quantity of output produced. C) is $0 when no output is produced. D) is always less than average variable cost (AVC).
Most nations do not push the rate of economic growth to the maximum because
a. it would be impossible to do so b. they do not know how to do so c. there is an opportunity cost associated with economic growth d. maximum growth would create an inefficient economy e. government budget deficits prevent them from doing so
Why would a firm rather a company like J.D. Power (which provides product satisfaction reviews) review its product than doing it within the firm?
A) J.D. Power provides less credibility. B) J.D. Power provides greater credibility. C) J.D. Power is more honest than the average firm. D) J.D. Power has a government monopoly in providing product satisfaction reviews.