Average variable cost is
A. the difference between variable and fixed cost.
B. the ratio of variable cost to total cost.
C. the ratio of variable cost to fixed cost.
D. the ratio of total variable cost to the quantity of output produced.
Answer: D
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Refer to Table 2-1. Which of the following would be a mutually agreeable rate of exchange?
A) 1F = 1C B) 1F = 2C C) 1F = 3C D) No exchange rate would be mutually agreeable.
"Late registration will result in an additional $30 fee." This is an example of:
A. trade-off. B. a disincentive. C. marginal cost. D. group responsibility.
The velocity of money measures the
A. proportion of the money supply which is held as an asset. B. ratio of the transactions demand to the asset demand for money. C. average annual rate of increase in the money supply. D. number of times per year the average dollar is spent on final goods and services.
Which of the following is an accurate statement about the underground economy?
a. It is given a penalty tax in addition to a standard tax. b. It can account for more than one-third of the GDP in developing countries. c. It often includes everyday activities, such as housework and gardening. d. It is reported to the U.S. government through official channels.