Refer to Figure 8.1. At the profit-maximizing level of output, total profit is
A) -$120.
B) $0.
C) $432.
D) $600.
E) $603.
E
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The figure above illustrates a small country's production possibilities frontier. Based on the figure, we can tell that the nation's resources are
A) not equally productive in all tasks because the production possibilities frontier is bowed out. B) unlimited because the slope is negative and the PPF is bowed out. C) equally productive in all tasks because the slope is negative. D) not equally productive in all tasks because the slope is negative. E) equally productive in all tasks because the production possibilities frontier is bowed out.
Cost-of-living adjustment is a/an ________ in a transfer payment or wage that results in ________ in the price level
a. increase; increase b. increase; decrease c. decrease; increase d. decrease; no change
With a natural monopoly, the potentially insurmountable barrier to entry is the
A. low profit margins. B. decreasing average total costs. C. increasing average costs. D. the absence of fixed costs.
Using the CPI measure of the price level, which is 100 in the base year of 2007, calculate the annual inflation rates for (a) 2013, when the index is 103.7. (b) 2014, when the index is 105.5. (c) 2015, when the index is 107.7
What will be an ideal response?