Which of the following is an explicit cost of production?
A) wages paid to workers
B) the electric bill
C) purchases of raw material
D) Only answers A and B are explicit costs because the purchases of raw material is only an opportunity cost.
E) Answers A, B, and C are all correct.
E
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In the above table, if the market is perfectly competitive and unregulated, the equilibrium output will be
A) 1,000 units. B) 2,000 units. C) 3,000 units. D) 4,000 units.
The productivity of workers can depend upon which of the following?
A. Human capital B. Natural resources C. Technology D. All of these are determinants of productivity.
Figure 11-1
In Figure 11-1, the slope of the expenditures schedule is .75 and the government wishes to achieve full employment. It should
a.
cut spending by 1,000.
b.
increase spending by 1,000.
c.
cut taxes by 1,000.
d.
increase spending by 250.
e.
cut taxes by 250.
The aggregate supply curve is drawn with
A. the price level on the vertical axis and nominal GDP on the horizontal. B. nominal GDP on the vertical axis and real GDP on the horizontal. C. the price level on the vertical axis and real GDP on the horizontal. D. real GDP on the horizontal axis and the rate of inflation on the vertical.