Refer to the figure above. What is the total cost of the firm when it produces the profit-maximizing level of output?
A) $60
B) $120
C) $180
D) $240
C
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Which of the following is an automatic stabilizer?
A. Unemployment compensation B. Property taxes C. Military expenditures D. Social Security benefits
Which of the following statements is TRUE about the relationship between high birthrates and real Gross Domestic Product (GDP) growth?
A. The influence that birthrates have on real GDP growth is the same in countries whether or not economic freedom exits. B. High birthrates in countries with little economic freedom will lead to higher labor force participation rates that in turn lead to higher growth of real GDP. C. There is no relationship between birthrates and real GDP growth. D. High birthrates reduce per capita incomes, and a lack of economic freedom inhibits real GDP growth.
Refer to the tables. If North Cantina is producing at production alternative B, the opportunity cost of the eleventh unit of consumer goods will be:
Answer the question on the basis of the following production possibilities tables for two countries, North Cantina and South Cantina:
A. 10 units of capital goods.
B. 1 / 4 of a unit of capital goods.
C. 8 units of capital goods.
D. 1 / 8 of a unit of capital goods.
For most people, as their income increases, their utility from that income ________ at a(n) ________ rate.
A. decreases; increasing B. increases; increasing C. decreases; decreasing D. increases; decreasing