The formula for average fixed costs is
A. TFC/q.
B. q/TFC.
C. TFC - q.
D. ?q/?TFC.
Answer: A
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A condition necessary for a country to achieve economic growth is
A) high tax rates so the government can purchase a lot of capital equipment. B) strict environmental regulations. C) economic freedom. D) government control of the banking system. E) democracy.
The table above shows Tom's total utility from milkshakes and sodas. Tom's total budget for milkshakes and sodas is $20.00 per week. Milkshakes cost $2.00 each and sodas cost $1.00 each. What is Tom's total utility at his consumer equilibrium?
A) 1900 units B) 2155 units C) 2266 units D) 2278 units
The Condorcet paradox is a situation in which the preferences of each individual member of a group are ___________, and the collective preferences of the group are _________.
A. not transitive; not transitive B. transitive; not transitive C. transitive; transitive D. not transitive; transitive
The range of laws, rules, and regulations that define the allowed forms of use and transfer of resources is called the __________ structure of the economy
A) monetary B) property rights C) microeconomic D) macroeconomic