Refer to the graph shown. If the firm's total cost is $375, labor must cost:
A. $5 per unit.
B. $62.50 per unit.
C. $6 per unit.
D. $75 per unit.
Answer: D
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Which statement is most accurate with respect to the federal government's land policies in the 19th century?
A. It gave away land, and rarely if ever charged even a token amount per acre. B. It gave away a lot of land and charged a token amount for the rest. C. It gave away no land, but charged only a token amount. D. It charged a fairly substantial amount for the land it sold.
Economists consider the economy to be at "full employment" when there is no cyclical unemployment
Indicate whether the statement is true or false
All else constant, if the use of historic costs understates the opportunity costs associated with using a particular piece of capital, economic profit will be overstated
Indicate whether the statement is true or false
Technological change moves the economy upward along the existing production function, thereby increasing productivity and living standards
a. True b. False