Refer to the diagram. At output level Q average fixed cost:
A. is equal to EF.
B. is equal to QE.
C. is measured by both QF and ED.
D. cannot be determined from the information given.
C. is measured by both QF and ED.
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Total utility increases if one more unit of a product is purchased and marginal utility is negative.
Answer the following statement true (T) or false (F)
Of the many arguments in favor of tariffs, the one that has enjoyed significant economic justification has been the
A) cheap foreign labor argument. B) infant industry argument. C) even playing field argument. D) balance of payments argument. E) domestic living standard argument.
If we know that the area between the Lorenz curve and the diagonal is 2,500, and the area of the square (the triangles above and below the diagonal) is 10,000 . then the Gini coefficient is
a. 0 b. 0.25 c. 0.50 d. 0.75 e. 1.0
Duane owns his own real estate company. The Bureau of Labor Statistics counts Duane as
a. unemployed and in the labor force. b. unemployed and not in the labor force. c. employed and in the labor force. d. employed and not in the labor force.