A point on a total variable cost curve shows the ________ variable cost a firm will bear to produce a certain output.

A) highest
B) lowest
C) change in
D) average


B) lowest

Economics

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Suppose a firm's total revenue is $1,000,000. The firm has incurred explicit costs of $750,000

There is also $50,000 of forgone wages by the owner, $10,000 of forgone interest by the owner, $3,000 worth of economic depreciation, and $20,000 worth of normal profit. What is the firm's economic profit? A) $250,000 B) $200,000 C) $190,000 D) $167,000 E) $180,000

Economics

Economies that are more open seem generally to be economies that grow faster. How might this be explained?

What will be an ideal response?

Economics

Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. If yearly taxes are $20,000 and Hector completely smooths consumption over his lifetime, his annual consumption is

A) $37,500. B) $45,000. C) $60,000. D) $70,000.

Economics

The term "Global South" refers to

A. the Southern states of the United States. B. countries in the Southern Hemisphere. C. industrialized countries south of the equator. D. developing countries in Asia, Africa, and Latin America.

Economics