Total surplus = Value to buyers - Costs to sellers
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 8.3 . Assume the price of labor is $5.00 and the price of capital is $10.00 and the firm's fixed costs are $15
What production technique will be used to produce the first unit of output? The second? The third? What are the firm's total variable costs, total costs, and marginal costs of producing one unit of output? Two units of output? Three units of output?
If you borrow money at a 9% nominal rate and the inflation rate is 2%, what is the real interest rate on the loan?
a. 9.0% b. 11.0% c. 7.0% d. 2.0% e. 4.5%
A local ordinance prohibiting leaf burning is an example of
a. inefficient government b. obligatory controls c. a pollution compensation tax d. the bubble concept e. creating a new property form
Political factors influence international trade because
a. foreign trade always involves at least two governments. b. foreign governments are much less concerned with the welfare of citizens in other countries. c. foreign governments often establish impediments to free international trade. d. All of the above are correct.