Which part of the average total cost (ATC) curve is described in the following scenario? To keep up with an increase in sales, a bread factory has added workers and equipment. The factory is teeming with employees, equipment breaks down, injuries occur, and tools are misplaced.
a. High ATC at low output.
b. Low ATC at high output.
c. High ATC at high output.
d. Low ATC at low output.
c. High ATC at high output.
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Suppose we observe people buying more of a good even though its price has risen. What would an economist conclude?
A) Impossible! We will never observe prices and quantity simultaneously rising in the real world. B) The demand curve for the good must be upward-sloping. C) The law of demand doesn't hold. D) The demand curve has shifted to the right. E) Consumption increasing as prices increase only occurs when a good is needed for survival.
What is the future value of $500 in 4 years that earns an annual interest rate of 3 percent?
A) $562.75 B) $560.25 C) $568.67 D) $559.12
If the U.S. Treasury in 1865 had decided to make the dollar convertible into gold at the pre-War rate,
a. relatively cheap British goods would have been highly desired by American consumers. b. the U.S. treasury would have quickly found its stock of gold depleted. c. British citizens would have converted large amounts of pounds into dollars. d. All of the above are correct. e. Only a and b are correct.
What do structural reform policies emphasize?
What will be an ideal response?