The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the total cost of producing 70 units?

The reason a shock to one sector can spread to the whole economy is that

a. a decrease in production in one sector leads to an overall decrease in spending b. firms will need to help bail out other firms that are having troubles c. an increase in production in one sector will lead to an overall decrease in spending d. most shocks are not sector-specific but economy-wide e. workers laid off in the one sector will purchase more goods in another sector

Technological advances primarily help a country increase its rate of economic growth ______.

a. through implementation of the Malthusian prediction b. through savings in labor, resources, or capital c. by eliminating the need for human labor d. by being sold to developing foreign countries