The minimum point of the average total cost curve is the _____; the minimum point of the average variable cost curve is the _________.
Fill in the blank(s) with the appropriate word(s).
break-even point; shutdown point
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The first economist to point out the importance of specialization of labor was
A. Leonardo da Vinci. B. Adam Smith. C. David Ricardo. D. John Maynard Keynes. E. Enrico Caruso.
Oil refiners can refine a barrel of petroleum so that it yields either more home heating oil or more diesel fuel. If the price of diesel fuel falls, there is
A) an increase in the supply of home heating oil. B) a decrease in the supply of home heating oil. C) an increase in the quantity of home heating oil supplied. D) a decrease in the quantity of home heating oil supplied. E) an increase in the demand for home heating oil.
The per-capita GNP of the industrial group is about ________ times that of the upper middle-income countries
A) 6 B) 10 C) 15 D) 19 E) 2
Which of the following is NOT true about indifference curves?
A) Indifference curves slope downward. B) Indifference curves show equally preferred combinations of two goods. C) Indifference curves are not straight lines because the marginal rate of substitution falls. D) Indifference curves shift when prices change.