Total cost divided by total output yields:
a. marginal cost.
b. average variable cost.
c. average fixed cost.
d. average total cost.
d
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Going to the dentist would be counted in GDP as
A) insurance utilization. B) a measure of welfare. C) a service. D) crowns and fillings.
The supply of labor is defined as the relationship between the real wage rate and the
A) amount of jobs supplied by firms. B) quantity of labor supplied by households. C) quantity of labor supplied by firms. D) amount of jobs supplied by households. E) equilibrium quantity of employment.
People over age 65 have higher poverty rates than those under age 18
Indicate whether the statement is true or false
The concept of holding reserves, such as gold, that are less than the value of the total deposits
A) is known as fractional reserve banking. B) has been illegal since the passage of the Financial Services Modernization Act of 1999. C) is known as non-credit banking. D) None of the above are correct.