Average Fixed Cost is the
a. horizontal distance (at any particular cost level) between ATC and AVC
b. vertical distance (at any particular quantity) between ATC and AVC
c. vertical distance (at any particular quantity) between ATC and the horizontal axis
d. vertical distance (at any particular quantity) between AVC and the horizontal axis
e. horizontal distance (at any particular cost level) between ATC and the vertical axis
B
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Lolita wants to purchase a rather bland-looking shopping center built in the 1970s, tear it down, and construct an architecturally-stimulating office building that will confer $750,000 of benefits to society. In its current state, the shopping center is worth $900,000. Lolita goes to the city council with her proposal and tells the council members that the new office building will beautify the city and increase property-tax revenues. If the city council agrees to use eminent domain to allow Lolita to proceed with her project, society as a whole will
A) be made richer since property-tax revenues will increase. B) be made richer since the area will be more aesthetically beautiful. C) be made poorer since the project confers benefits that are lower than the current value of the shopping center. D) not be affected since the project only encompasses one small parcel of land.
Over the long run, per capita incomes in different regions of the United States have
a. gradually diverged with the Northeastern region leading all other income groups. b. gradually converged. c. gradually converged until roughly 1985, and then diverged as the Western states outpaced other regions. d. have converged, with the exception of the South.
As a general rule, free trade:
A. acts to equalize the supply of and demand for factors of production across countries. B. causes factor prices to converge across countries. C. increases the supply of factors that are domestically scarce. D. All of these are true.
Credit cards perform the same functions as money as long as the card holder's bank account has sufficient funds to allow the transactions
a. True b. False Indicate whether the statement is true or false