The table above gives the cost of producing T-shirts. The total fixed cost is ________ and the marginal cost of increasing production from 5 to 6 T shirts is ________
A) $20; $6
B) $20; $10
C) $10.40; $8
D) unable to be determined; $8
B
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Since 1930, interest payments on past federal government borrowings were the highest in the 1980s and 1990s
a. True b. False Indicate whether the statement is true or false
The supply curve for gasoline will be more elastic in:
A. the short run because of the principle of diminishing returns. B. the long run because of the principle of diminishing returns. C. the short run because firms have more time in which to respond to the price change. D. the long run because firms have more time in which to respond to the price change.
If it costs Con Ed approximately $20 per additional ton of air pollution abated, but it costs PG&E only $10 per additional ton of air pollution abated and a marketable pollution permit trades for $14 per ton,
A. PG&E could gain by selling and Con Ed could gain by buying. B. both PG&E and Con Ed could gain by buying. C. both PG&E and Con Ed could gain by selling. D. PG&E could gain by buying and Con Ed could gain by selling.
Which statement is true?
A. Until 1971, the U.S. ran a trade deficit virtually every year of the 20th century. B. The U.S. ran trade surpluses for most of the 19th century. C. In the 1920s, the U.S. flooded the rest of the world with consumer goods such as Model T Fords, radios and waffle irons as our trade surpluses increased. D. Until after WWII most of U.S. exports were agricultural products, such as cotton and grain sent to Europe.