The Framing Gallery frames posters and has total fixed costs of $1,000. The Framing Gallery is currently framing ________ posters if its average variable cost is $20 and its average total cost is $30.
A. 100
B. 5
C. 25
D. an indeterminate number of
Answer: A
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Assume that when the price of good Z is increased from $5 to $6, the total revenue earned increases from $600 to $690. Based on this information, we can conclude that over this range, demand for Z is:
A) elastic. B) unit elastic. C) inelastic. D) perfectly inelastic.
Balanced growth paths can differ across countries due to differences in saving rates, labor force growth rates, and the rates of labor-augmenting technological change
These differences are likely to result in differences in ________, a common measure of the standard of living. A) happiness B) life expectancy C) income distribution D) real GDP per capita
________ are the things that are used to produce items that satisfy people's wants
A) Concepts B) Production possibilities curves C) Resources D) Costs
If you receive $18 worth of pleasure from the first hole of golf played and your additional pleasure from succeeding holes drops $1 for each hole played, if the cost per hole is zero, how many holes of golf will you play?
A. 19 B. 18 C. 17 D. 16