A curve showing the lowest cost at which a firm is able to produce a given level of output in the long run is
A) a long-run production function.
B) a long-run marginal cost curve.
C) a minimum efficient scale curve.
D) a long-run average total cost curve.
Answer: D
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Equilibrium price and quantity are determined by:
A. both supply and demand. B. demand. C. supply. D. government regulations.
Which of the following correctly describes how the "global pie is baked"?
A) The United States' share of economic pie is increasing while China's share is decreasing. B) The increase in manufacturing has taken place in mainly the advanced economies. C) Asia accounts for about 40 percent of the global pie. D) Emerging economies account for about 25 percent of the global pie. E) Advanced economies account for about 50 percent of the value of the world's production.
Jake takes 40 minutes to fry a chicken and 10 minutes to toast a slice of bread. His brother Elwood takes 60 minutes to fry a chicken and 4 minutes to toast a slice of bread. Calculate each brother's opportunity cost
Who has a comparative advantage in which activity? Explain. Will the brothers gain if they specialize?
If the Fed decreases the money supply at the same time the federal government decreases government spending, the crowding-out effect
A) will not be affected. B) will be increased. C) will be reduced. D) could either increase or decrease depending on the sensitivity of planned investment to the interest rate.