Answer the following statements true (T) or false (F)
1. The difference between the ATC and the AVC must represent the AFC.
2. Average revenue is synonymous with price.
3. Marginal revenue is the increase in total revenue per additional unit of input.
4. Average revenue times total output equals total profit.
5. Marginal product can never fall below zero.
1. TRUE
2. TRUE
3. TRUE
4. FALSE
5. FALSE
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In the figure above, the middle fifth of all households receive what share of income?
A) 10 percent B) 30 percent C) 20 percent D) 5 percent
The dependence on the export of one or two primary products for a majority of the revenue from exports is most severe in countries in
(a) South Asia. (b) East Asia. (c) Sub Saharan Africa. (d) Latin America.
The FOMC ________
A) meets four times a year to decide on how to conduct open market operations that influence the money supply B) meets six times a year to decide on how to conduct open market operations that influence the money supply and interest rates C) meets eight times a year to decide on how to conduct open market operations that influence the money supply and interest rates D) meets twelve times a year to decide on how to conduct open market operations that influence interest rates E) none of the above
The official definition of a recession is when real GDP declines for two consecutive quarters
a. True b. False