External link to Question : 21) Refer to Table 11-3. If this firm continues to : 1244634

Question : 21) Refer to Table 11-3. If this firm continues to : 1244634

    21) Refer to Table 11-3. If this firm continues to produce, what is likely to happen to the product’s price in the long run? A) It will fall. B) It will increase C) It will remain constant. D) It cannot be determined without information on its long run demand curve.   22) Assume price exceeds average variable cost over the relevant range of […]

External link to Question : 61.The level of output at which most plant-level scale economies : 1299484

Question : 61.The level of output at which most plant-level scale economies : 1299484

  61.The level of output at which most plant-level scale economies are exhausted is known as _____.  A. mass customization B. breakeven point C. minimum efficient scale D. just-in-time E. lean production 62.Uvicon Inc. and Bionor Inc. are firms that compete against each other in the global market. Uvicon Inc. has a high level of fixed costs and high minimum efficient scale, while Bionor Inc. has a low level of […]

External link to Question : 31) According to the law of diminishing returns, an additional : 1238551

Question : 31) According to the law of diminishing returns, an additional : 1238551

  31) According to the law of diminishing returns, an additional unit of A) capital produces more output than an additional unit of labor. B) labor decreases output. C) capital produces the same amount of output as an additional unit of labor. D) capital produces more output than the previous unit. E) capital produces less output than the previous unit. 32) The shape of the […]

External link to Question : 17.3   Alternative Monetary Policy Strategies 1) Discretionary monetary policy defined as : 1228025

Question : 17.3   Alternative Monetary Policy Strategies 1) Discretionary monetary policy defined as : 1228025

  17.3   Alternative Monetary Policy Strategies   1) Discretionary monetary policy is defined as policy A) for which the markets make all decisions. B) that is based on the judgments of policymakers. C) that is pursued regardless of the current state of the economy. D) that responds to a changing economy with predetermined rules. E) for which the policymaker always publicizes the policy as extensively […]

External link to Question : 31) Refer to Scenario 1-1. Had the firm not produced : 1266833

Question : 31) Refer to Scenario 1-1. Had the firm not produced : 1266833

  31) Refer to Scenario 1-1. Had the firm not produced and sold the last 3,000 cell phones, would its profit be higher or lower, and if so by how much? A) Its profit will be $6,700 higher. B) Its profit will be $700 higher. C) Its profit will be $700 lower. D) Its profit will be $6,000 lower.   Table 1-1   Hours Open […]

External link to Question : 41) A firm’s long-run average cost curve A) shows the : 1384211

Question : 41) A firm’s long-run average cost curve A) shows the : 1384211

  41) A firm’s long-run average cost curve A) shows the minimum cost of producing each possible level of output with a fixed factor. B) shows the relationship between marginal cost and output given that the economically most efficient method of production is employed. C) is the boundary between attainable and unattainable cost levels, with known production technologies and given factor prices. D) is horizontal […]

External link to Question : 11) If you make dinner for yourself A) the market : 1228228

Question : 11) If you make dinner for yourself A) the market : 1228228

    11) If you make dinner for yourself A) the market value of your dinner is added to GDP. B) your service in preparing the meal is valued at a cook’s wage and added to GDP. C) none of what you bought to prepare for dinner is included in GDP. D) only the market value of ingredients that you purchased this year is added […]

External link to Question : 53) The word “util” has been used by economists in : 1387693

Question : 53) The word “util” has been used by economists in : 1387693

    53) The word “util” has been used by economists in the past as an objective measure of utility. Today economists believe that A) utility cannot be measured objectively. B) utility can be measured objectively because people can use prices of different goods to measure utility. C) all of the important conclusions of the economic model of consumer behavior depend on utility being measured […]

External link to Question : 21) Prior to 1970, mortgages were ________ resold in the : 1244860

Question : 21) Prior to 1970, mortgages were ________ resold in the : 1244860

  21) Prior to 1970, mortgages were ________ resold in the secondary market.  A) never B) rarely C) often D) always   22) To reassure investors who were unwilling to buy mortgages in the secondary market, the U.S. Congress used two government sponsored enterprises, ________, to sell bonds to investors and use the funds to purchase mortgages from banks. A) the Fed and the Treasury […]

External link to Question : 14.2   Equilibrium Expenditure 1) The components of aggregate expenditure that not : 1240556

Question : 14.2   Equilibrium Expenditure 1) The components of aggregate expenditure that not : 1240556

    14.2   Equilibrium Expenditure   1) The components of aggregate expenditure that are not influenced by GDP are known as A) unplanned expenditure. B) induced expenditure. C) planned expenditure. D) autonomous expenditure. E) fixed expenditure.   2) Autonomous expenditure is expenditure that is A) influenced by real GDP. B) influenced by the interest rate. C) not influenced by real GDP. D) not influenced by […]

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