Which of the following is true?
A. The average total cost curve is U-shaped.
B. The average variable cost curve is U-shaped.
C. Neither option is correct
D. Both options are correct
Answer: D
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Explain why real GDP might be an unreliable indicator of the standard of living
What will be an ideal response?
This agency acts like an international lender of last resort to cope with financial instability
A) World Bank B) European Central Bank C) IMF D) International Bank for Reconstruction and Development
The markup pricing technique involves determining the selling price of a good by adding a profit markup to minimum average cost. This would result in maximum profits only if
a. average cost were constant. b. the markup were zero. c. the markup varied with the elasticity of demand. d. demand were inelastic.
If net exports are a negative number, then:
a. we are not buying enough exports. b. we are buying too many exports. c. GDP will underestimated when measured using the expenditure approach. d. we are exporting more than we are importing. e. we are exporting less than we are importing.