Table 10-1
Q (in units)
AFC (in dollars)
AVC (in dollars)
MC (in dollars)
0
C
C
C
2
2.5
18
10
4
1.25
14
14
6
0.83
18
42
8
0.63
30
94
10
0.5
50
170
In Table 10-1 are the short-run cost schedules of a perfectly competitive firm. Below what price would the firm choose to shut down?
A. $50
B. $20
C. $18
D. $14
Answer: D
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Government ownership of property and resources in the United States is
A. about as common as it is in European countries. B. widespread; the United States is a leader in the amount of government ownership of resources. C. relatively rare; the United States is mostly privatized. D. rare but has been increasing rapidly as the United States catches up to other countries.
Indemnity coverage does not include:
a. compensation toward the cost of medical services in the event of illness. b. compensation toward the cost of medical services for routine health issues. c. compensation toward the cost of medical services in the event of injury. d. both b. and c.
IMF advice to countries such as Russia and Argentina that suffer from exchange rates crises often requires these countries to adopt
a. fixed exchange rates. b. expansionary monetary policies. c. contractionary monetary policies. d. state ownership of industry.
An economic system is the organizations and methods used to determine:
a. All of the answers are correct. b. for whom goods and services are produced. c. what goods and services are produced. d. how goods and services are produced.