Over the past two decades, the rate of growth of public education spending has been
a. considerably higher than the rate of growth of GDP
b. slightly higher than the rate of growth of GDP
c. the same as the rate of growth of GDP
d. considerably lower than the rate of growth of GDP
e. slightly lower than the rate of growth of GDP
B
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Goods are ________ when the income elasticity of demand is less than zero
A) substitutes B) complements C) inferior D) elastic E) normal
Balance of payments refers to the balance between the imports and exports of goods and services during the same time period
a. True b. False Indicate whether the statement is true or false
Explicit costs are costs that:
A. are zero when no output is produced. B. do not depend on the quantity of output produced. C. require a firm to spend money. D. depend on the quantity of output produced.
Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. The average total cost curve is downward-sloping as output increases from Q = 50 to Q = 100 because:
A. increasing average variable cost outweighs decreasing average fixed cost. B. decreasing average fixed cost outweighs increasing average variable cost. C. diminishing returns are not severe enough to outweigh decreasing average fixed cost. D. marginal cost is increasing.