If the average variable cost of the fifth hat is $30, then the total variable cost of five hats is
A. $6.
B. $150.
C. $1,800.
D. indeterminate from this information.
Answer: B
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The main reason people hold money is that
A) money is intrinsically valuable. B) money is used to buy goods and services. C) money is power. D) money provides a standard of value.
For each of the following changes, identify whether there will be a shift in the IS curve or a movement along the IS curve. In each case identify the direction of the movement or shift
a. The real interest rate decreases. b. The government decreases tax rates. c. Government spending decreases. d. Investors become optimistic about future profitability.
If a new unit excise tax is levied on bottles of wine, the
A) demand for wine shifts to the left. B) demand for wine shifts to the right. C) supply of wine shifts to the right. D) supply of wine shifts to the left.
How many households in the United States receive their incomes mainly from the business sector?
A. 300 million B. 117 million C. 50 million D. 39 million