Part of the spending on the Doyle Drive project in northern California came from the American Reinvestment and Recovery Act, which is an example of ________ aimed at increasing real GDP and employment
A) an automatic stabilizer B) a transfer payment
C) discretionary fiscal policy D) contractionary fiscal policy
C
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In 1990, which two countries saw inflation rates over 2,000%?
a. Brazil and Argentina b. Cuba and China c. the United States and Great Britain d. Argentina and Chile
A business owner makes 50 items a day. She spends 8 hours in producing those items. If hired elsewhere she could have earned $10 an hour. The item sells for $10 each. Production occurs seven days a week. If the explicit (other production) costs total $10,000 a month the economic profit for the month (30 working/selling days) equals:
a. $2,600 b. $5,000 c. $2,240 d. $11,760
Euler's theorem implies that if a production function exhibits constant returns to scale, then:
A. economic profit is zero. B. accounting profit is zero. C. the marginal product of labour equals the real wage. D. the marginal product of capital equals the real interest rate.
Costs that do NOT vary with output are
A. marginal costs. B. variable costs. C. fixed costs. D. total costs.