A point on a total variable cost curve shows the ________ variable cost a firm will bear to produce a certain output.
A. lowest
B. change in
C. highest
D. average
Answer: A
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Double counting (counting the same thing twice) in GDP accounting is avoided by not including
A) net exports. B) intermediate goods. C) illegal activities. D) depreciation.
Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee rises from $4 to $5, the market quantity demanded would
A) decrease by 115 lbs. B) decrease by 35 lbs. C) increase by 35 lbs. D) increase by 115 lbs.
Which of the following is least likely to cause a shift of the consumption function?
a. A change in the level of saving b. A change in consumer expectations about future prices c. A change in household wealth d. A change in investment spending e. A change in the interest rate
Which of the following is true of government purchases? a. They are positively related to current income. b. They are negatively related to current income. c. They are directly related to taxes
d. They are decided by public officials. e. They depend on the market rate of interest.