Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. 
Figure 8.4 Refer to Figure 8.4. If two microwave ovens are produced, average variable costs are
A. $75.
B. $150.
C. $225.
D. indeterminate from this information.
Answer: A
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The substitution effect from a fall in the price of a gallon of gasoline is shown in the above figure by the movement from
A) point A to point C. B) point A to point B. C) point B to point C. D) point A to point B and then to point C.
As the time of delivery in a futures contract gets closer
A) the futures price gets closer to the spot price. B) the futures price generally rises further above the spot price. C) the futures price generally falls further below the spot price. D) the futures and spot prices remain the same as they were when the contract was first created.
A Lorenz curve that is perfectly straight indicates
A) that society is very rich. B) that a small portion of the population accounts for most of the income. C) that a large portion of the population accounts for most of the income. D) complete income equality.
What economic functions do rent, interest, and profit payments perform? How effective are they in performing these functions?
What will be an ideal response?