When graphed, the total cost of production will
a. intercept the vertical axis at the level of fixed cost
b. first slope down, then slope up
c. slope down forever
d. first slope up, then slope down
e. be a horizontal line
A
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A warranty is an example of ________
A) sniping B) signaling C) a price floor D) a price ceiling
Fixed exchange rates require the economic policies of countries linked by the exchange rate to be:
a. completely independent. b. complementary to each other. c. determined by the World Bank. d. similar in nature. e. determined by the International Monetary Fund.
Assume that the substitution effect dominates the income effect. When wages fall
A. people will work more hours. B. people will work fewer hours. C. the effect on the hours people work is ambiguous. D. people will work the same number of hours.
If a lender desires to earn a return of 4 percent on a loan and the anticipated rate of inflation is 3 percent, the lender should charge a
A. Real interest rate of -1 percent. B. Real interest rate of 1 percent. C. Nominal interest rate of -7 percent. D. Nominal interest rate of 7 percent.