Fixed costs are
a. costs that vary with output
b. always equal to marginal costs
c. costs that do not vary with output
d. equal to total costs
c
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Which of the following is NOT an entitlement?
A) federal government salaries B) Medicare C) Medicaid D) Social Security
Which of the following statements regarding the use of gold as money is false?
A) It is durable. B) It is acceptable to most people. C) It is valuable relative to its weight. D) It has standardized quality.
If the dollar appreciates (becomes stronger) this causes:
a. the relative price of U.S. goods to increase for foreigners. b. the relative price of foreign goods to decrease for Americans. c. U.S. exports to fall and U.S. imports to rise. d. a balance of trade deficit for the U.S. e. all of these.
The discovery of a new hybrid wheat would increase the supply of wheat. As a result, wheat farmers would realize an increase in total revenue if the
a. supply of wheat is elastic. b. supply of wheat is inelastic. c. demand for wheat is inelastic. d. demand for wheat is elastic.