_________is a cost that changes when the business rate of operation or output changes.
Fill in the blank(s) with the appropriate word(s).
Ans: variable cost
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Which of the following most accurately indicates the political incentive to spend and/or tax?
a. Politicians will find tax increases more attractive than increases in government expenditures. b. Voters will generally support higher taxes in order to eliminate budget deficits. c. Politicians are rewarded for raising taxes and punished for providing programs that benefit their constituents. d. Politicians are rewarded for providing programs that benefit their constituents and punished for raising taxes.
In 2002, the euro replaced the currencies of most of the members of the European Union. The euro has:
A. increased transaction costs among EU countries. B. increased macroeconomic independency among EU countries. C. increased monetary policy flexibility for the individual EU countries. D. reduced monetary policy flexibility for the individual EU countries.
If the U.S. real exchange rate increases, U.S. exports will ________ and U.S. imports will ________
A) fall; rise B) rise; rise C) rise; fall D) fall; fall
If the first worker produces five custom picture frames a day, and the second worker produces five additional custom picture frames a day, it is clear that diminishing marginal returns have not yet set in.
Answer the following statement true (T) or false (F)