Refer to the table shown. The average variable cost of producing 5 units of output is:Units of outputTotal cost05111216320423525626
A. $2.
B. $3.
C. $4.
D. $5.
Answer: C
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If a government has a budget deficit, it must
A) decrease its expenditures. B) borrow in the loanable funds market. C) decrease taxes. D) increase taxes. E) lower the real interest rate.
All points on the production possibilities frontier
A) are production inefficient. B) achieve allocative efficiency. C) are production efficient but only one point achieves allocative efficiency. D) are allocatively efficient but only one point achieves production efficiency. E) are allocatively inefficient.
Which of the following statements is true?
A. Both nominal and real interest rates are procyclical and lagging. B. Both nominal and real interest rates are procyclical and leading. C. Nominal interest rates are procyclical and real interest rates are countercyclical. D. Nominal interest rates are procyclical and real interest rates are acyclical.
The equilibrium level of aggregate planned expenditure is found where
A) there is no saving and no dissaving. B) net exports is zero. C) aggregate planned expenditure equals real GDP. D) autonomous expenditure equals equilibrium expenditure. E) the price level is rising at a constant rate.