To an economist, utility means:
A) additional.
B) usefulness.
C) satisfaction.
D) marginal.
C
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If marginal costs are virtually zero after initial units are produced
A) inventors need to sell lots of units to make money. B) inventors need to be paid upfront. C) inventors need to sell their patents. D) none of these choices.
Supply-side economists argue that taxing of nominal gains and interest earnings during inflationary periods
a. results in an increased effective tax rate on real returns but will not retard saving. b. will retard saving but will not increase the effective tax rate on real returns. c. will increase the effective tax rate on real returns and will retard saving. d. None of the above
At Albert's Pretzel Company, MPL = 1/L, and MPK = 1/K. The isoquant for 100 pounds of pretzels daily is shown in the above figure
Albert minimizes the cost of producing 100 pounds of pretzels daily by hiring 5 units of labor and 10 units of capital when w = 50 and r = 25. When r rises to 100, what is the minimum cost of producing 100 pounds of pretzels daily in the short run? in the long run?
Classical economists believed that
a. the government should play an active role in controlling the economy b. the government can best help the economy by leaving it alone c. the economy is controlled by the government d. laissez faire will hurt the economy e. economists should offer guidance to governmental leaders