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. Micro Oven's average fixed costs of producing two units of output are
A. $150.
B. $300.
C. $450.
D. indeterminate from this information.
Answer: A
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All the welfare programs combined are twice as large as Social Security
Indicate whether the statement is true or false
Refer to the information provided in Table 33.2 below to answer the question(s) that follow.
Table 33.2
Refer to Table 33.2. The most that China will be willing to pay for a motorcycle is
A. 1/30 of a tractor. B. 1/20 of a tractor. C. 1/10 of a tractor. D. 1/5 of a tractor.
The nominal rate of protection shows the extent to which the domestic price of imported goods exceeds
(a) what the price would be without tariffs. (b) the cost of intermediate inputs. (c) the social opportunity costs of the good. (d) the no-trade equilibrium price.
We need to study a model in which real and nominal variables interact in order to understand how the economy works
a) in the short run but not the long run. b) without regards to any time period, whether the short run or the long run. c) in both the short run and the long run. d) in the long run but not the short run.