In the short run, a firm considers its fixed cost as a(n):
A. sunk cost.
B. variable cost.
C. implicit cost.
D. marginal cost.
Answer: A
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If your income increases from $33,000 to $41,000 and your consumption increases from $8,000 to $12,000 . your marginal propensity to consume (MPC) is:
a. 0.2. b. 0.4. c. 0.5. d. 0.8. e. 1.0.
When a recession begins and ends is determined by a committee within the
a. Office of Management and Budget b. Bureau of Economic Analysis c. Council of Economic Advisors d. National Bureau of Economic Research e. Bureau of Labor Statistics
The average tariff rate in the US today is about 40 percent, but it was only 1.6 percent in 1946
Indicate whether the statement is true or false
The increase in the price of a good that is used as an input for a second good would (for the second good)
A. cause a movement along the supply curve to a (higher price, higher quantity) point. B. move its supply curve to the right. C. move its supply curve to the left. D. cause a movement along the supply curve to a (lower price, lower quantity) point.