Average cost can be thought of as the cost per unit
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is NOT included in the expenditure approach to calculating GDP?
A) investment B) wages C) consumption expenditure D) government expenditures on goods and services E) net exports of goods and services
The opportunity cost of any action is
A) all the possible alternatives given up. B) the highest-valued alternative given up. C) the benefit from the action minus the cost of the action. D) the dollars the action cost.
If we knew that the price of goods rose, on average, by 5 percent last year and by 4 percent this year, we would know
a. nothing about the rate of inflation b. that the inflation rate is rising c. that the inflation rate is falling d. that we are in a stagflation e. that we are in a recession
The average U.S. citizens' share of the government debt represents less than 2 percent of a person's lifetime income
a. True b. False Indicate whether the statement is true or false