The question of scarce resources and unlimited wants is addressed in
a. psychology
b. history
c. political science
d. economics
e. anthropology
D
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Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The average cost of the 5th T-shirt is
A) 2. B) 12. C) 52. D) 60.
U.S. labor productivity had slowed down in the 1970s and 1980s, but recent data shows that labor productivity has once again increased in the country
a. True b. False Indicate whether the statement is true or false
The figure below illustrates a tariff. On the graph, Q represents quantity and P represents price.
Figure 17-11
Refer to Figure 17-11. Government revenue raised by the tariff is represented by the area
a.
E.
b.
B + E.
c.
D + E + F.
d.
B + D + E + F.
The combinations of goods X and Y that are affordable to the consumer are defined by the:
A. budget set. B. income line. C. consumption set. D. budget constraint.