A closed economy is one that
A) has no government sector.
B) neither borrows from nor lends to foreign countries.
C) produces mainly agricultural goods.
D) produces mainly manufactured goods.
B
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In the production possibilities frontier depicted in the figure above, which of the following combinations of hats and bananas is unattainable?
A) 4 million pounds of bananas and 4 million hats B) 2 million pounds of bananas and 5 million hats C) 0 pounds of bananas and 6 million hats D) 1 million pounds of bananas and 3 million hats
Sport Tee Corporation manufactures T-shirts bearing the logos of professional football teams. The wholesale market for sport T-shirts is perfectly competitive. The manager forecasts the wholesale price of T-shirts next year to be $7.00. The firm's estimated marginal cost isSMC = 12 ? 0.005Q + 0.0000008Q2where Q is the number of T-shirts produced and sold each month. Sport Tee Corporation will have a fixed cost of $2,000 per month. Monthly profit will be
A. $2,250 B. $4,250 C. -$1,150 D. -$2,000 E. $3,400