Refer to the information provided in Figure 8.6 below to answer the question(s) that follow. 
Figure 8.6 Refer to Figure 8.6. Outdoor Equipment?s ________ are minimized at the output level where curves 1 and 3 intersect.
A. average total costs
B. average variable costs
C. marginal costs
D. average fixed costs
Answer: A
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Use the following production possibilities frontiers to answer the next question.
Curve (a) is the current frontier for the economy. Focusing on curve (a), point N suggests that the economy currently produces
A. less goods for the future than at point P. B. more goods for the future than at point P. C. less goods for the present than at point P. D. a combination of output that is less than its potential.
The term "brain drain" refers to
A) the decreased quality of the college-educated workforce. B) highly educated individuals who leave developing countries for high-income countries. C) the negative impact on brain function of an individual's overinvestment in human capital. D) the diminishing returns to studying for an exam.
Which of the following is an example of an implicit cost a firm might incur?
A) the opportunity cost to investors of the funds invested in the firm B) the wages paid to employees C) utility payments D) the payment for medical insurance coverage
In 2011, the U.S. federal government collected approximately how much in total tax receipts?
a. $800 million b. $2.5 billion c. $5.2 billion d. $8.7 billion