As long as marginal cost is less than average variable cost:
a. both average total costs and average variable costs will be falling.
b. average total costs will be falling but average costs may be rising or falling.
c. average fixed costs are rising.
d. average total costs are falling but average fixed costs may be rising.
a
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Having a comparative advantage means a nation can
A) benefit from trade. B) produce at a higher opportunity cost. C) produce more of the good. D) produce without incurring an opportunity cost. E) produce the good at a point beyond its PPF.
In the U.S., the employment ratio is highest among ________, and lowest among ________
A) women; both sexes combined B) men; college-educated workers C) women; men D) men; women
A tax that takes a smaller percentage of an individual's income as their income rises is called a _____
a. proportional tax b. progressive tax c. sumptuary tax d. regressive tax
When macroeconomics refers to "full employment," what do they mean?
a. Full employment occurs when the unemployment rate equals zero. b. Full employment occurs when there is only frictional unemployment, and all other types of unemployment have been eliminated. c. Full employment occurs when there is only structural unemployment, and all other types of unemployment have been eliminated. d. Full employment occurs when there is only frictional unemployment, structural, and cyclical unemployment has been eliminated.