The ________ curve intersects the average variable cost curve at the minimum value of the average variable cost curve.
A. average fixed cost
B. marginal cost
C. total cost
D. total variable cost
Answer: B
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When an economist uses the term "cost" referring to a firm, the economist refers to the
A) price of the good to the consumer. B) explicit cost of producing a good or service but not the implicit cost of producing a good or service. C) implicit cost of producing a good or service but not the explicit cost of producing a good or service. D) opportunity cost of producing a good or service, which includes both implicit and explicit cost. E) cost that can be actually verified and measured.
Under flexible exchange rates, the exchange rate is set by
A) the International Monetary Fund. B) the U.S. Federal Reserve's Board of Governors. C) the intersection of demand and supply curves in the currency markets. D) negotiations among central banks of the major industrial powers.
Which of the following can be stated as potentially true about any economy?
a. Its future location on its production possibilities frontier has no bearing on its current decisions. b. Increased supplies of the factors of production will only affect its current location on its production possibilities frontier. c. Increased supplies of the factors of production will cause its future location to expand inward. d. Its current choice of positions on its production possibilities frontier helps determine its future location.
In the equation of exchange, if the velocity of money is constant, a 10 percent increase in the money supply must:
A. increase real GDP by 10 percent. B. result in a higher level of unemployment. C. increase nominal GDP by 10 percent. D. increase the price level by 10 percent.