The shape of the average total cost curve is determined by the shape of
A) the firm's production function. B) the average fixed cost curve.
C) the marginal cost curve. D) the average product curve.
C
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The amount of real GDP produced at any one time depends on
i. a fixed amount of capital. ii. a fixed level of technology. iii. decisions people make about leisure versus working. A) ii only B) ii and iii C) i and ii D) i only E) i, ii and iii
In the spot market, the ________ is the difference between the bid and offer rates and is the trader's profit margin.
A) bid B) offer C) cross rate D) spread
The natural rate of unemployment is:
A. higher than the full-employment rate of unemployment. B. lower than the full-employment rate of unemployment. C. that rate of unemployment occurring when the economy is at its potential output. D. found by dividing total unemployment by the size of the labor force.
When a country's exports of goods are greater than its imports of goods in a given period, it has a
A. capital account surplus. B. trade surplus. C. current account deficit. D. trade deficit.