A total cost function will
A. never flatten.
B. never slope down.
C. never steepen.
D. never slope up.
Answer: B
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Suppose the Canadian central bank wants to keep the exchange rate of the Canadian dollar with the U.S. dollar constant over time. An increase in the demand for Canadian goods by American residents will lead the Canadian central bank to
A) sell American goods in exchange for Canadian dollars. B) buy more Canadian goods with Canadian dollars. C) increase the demand for Canadian dollars in the foreign exchange market. D) increase the supply of Canadian dollars in the foreign exchange market.
The price elasticity of demand for eggs is -0.27. Therefore, an increase in the price of eggs will cause:
A. a decrease in egg suppliers' total revenue. B. an increase in the quantity demand of eggs. C. an increase in egg suppliers' total revenue. D. an increase in the demand for eggs.
Suppose there is a simultaneous central bank purchase of bonds and increase in taxes. We know with certainty that this combination of policies must cause
A) an increase in the interest rate (i). B) a reduction in i. C) an increase in output (Y). D) a reduction in Y.
Human capital is
A. the investment people make in industries that make capital goods. B. the saving done by human beings. C. the knowledge and skills that people in the work force acquire through education and training. D. a measure of the labor productivity of workers.