If a ton of steel sells for $15,000 and a car made from a ton of steel sells for $30,000 . then if all markets are perfectly competitive, how many cars can be made from the last ton of steel used by a profit-maximizing firm?
a. 1/3 car
b. 1/2 car
c. 1 car
d. 1.5 cars
b
You might also like to view...
Which of these economic variables is procyclical?
A) consumer spending B) stock prices C) the government bond spread D) all of the above E) none of the above
The curve that represents all possible combinations of goods that can be produced is called
A) the production possibilities curve. B) the resource allocation curve. C) the efficiency curve. D) the supply curve.
The long-run policy prescription that comes from the "natural-rate-of-unemployment" discussion is:
a. Governments and central banks should adjust monetary and fiscal policies to keep unemployment and inflation as low and predictable as possible. b. Governments and central banks should use monetary and fiscal policies to keep inflation as low and predictable as possible. c. Real wages should not be allowed to change in the short run. d. Fiscal and monetary policies are excellent ways to adjust the natural rate of unemployment. e. Governments and central banks should use monetary and fiscal policies to keep unemployment as low and predictable as possible.
Since the mid-1980s, what has happened to the debt-to-income ratio of American households?
What will be an ideal response?