Refer to the information provided in Figure 8.3 below to answer the question(s) that follow. 
Figure 8.3
Refer to Figure 8.3. If total fixed costs are $100, then average total cost of producing 10 basketballs is
A. $2.
B. $10.
C. $13.
D. $130.
Answer: C
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What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.
The quantity of real GDP rises with the price level, ceteris paribus
a. True b. False Indicate whether the statement is true or false
Alternate Outputs from One Day's Labor Input: United States: 12 bushels of wheat or 3 yards of textiles. Great Britain: 3 bushels of wheat or 12 yards of textiles. From the data above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles d. should export textiles to Great Britain.
The formula for labor productivity is given by
a. employment / output. b. output / population. c. output / employment. d. population / output. e. output / number of firms.