The factor that ultimately determines the change in the stock of capital, the level of real wages, and the output of an economy is
A) GDP. B) the labor force.
C) the unemployment level. D) net investment.
D
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Suppose the total cost of producing 50,000 telephones is $500,000 . Suppose also that at an output of 30,000 . the average total cost is $8 and the marginal cost is $6 . What is true about the minimum of the average total cost curve?
a. The minimum of the ATC is greater than $10. b. The minimum of the ATC is less than $8. c. The minimum of the ATC is between $8 and $10. d. The minimum of the ATC can be no bigger than $6. e. The minimum of the ATC corresponds to a quantity greater than 50,000.
The government imposed a tax that reduced total consumer and producer surplus by five million dollars, resulting in a deadweight loss of one million dollars. How much tax revenue went to the government?
a. 11 million dollars b. 6 million dollars c. 4 million dollars d. 1 million dollars
In periods of inflation, wages generally increase to compensate for higher prices
Indicate whether the statement is true or false
It is harder to explain the behavior of firms in oligopoly than in other market structures because in oligopoly
a. the firms act independently of each other b. firms base their decisions on what their rivals do c. only differentiated products are produced d. only homogeneous products are produced e. the demand curve can slope upward