The average fixed cost curve always has a negative slope because:
a. marginal costs are below average fixed costs.
b. average variable costs exceed marginal costs.
c. total fixed costs always decrease.
d. total fixed costs do not change as output increases.
d
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Which of the following is NOT a component of M1?
A) savings deposits B) currency C) demand deposits D) traveler's checks E) Both answers C and D are correct.
An increase in the nominal interest rate leads to
A) a movement upward along the demand for money curve. B) a rightward shift in the demand for money curve. C) neither a shift in nor a movement along the demand for money curve. D) a movement downward along the demand for money curve. E) a leftward shift in the demand for money curve.
In the above figure, when the price of pretzels is $3.00 per pound, the total producer surplus from all the pretzels will be
A) zero. B) greater than at any other price. C) less than at any other price. D) the sum of the difference between $3.00 and the marginal cost of all the pounds produced.
The Navigation Acts (1651 and later amendments)
(a) defined the British Empire within Europe and restricted shipping and trade between it and the external world. (b) had a major purpose of enlarging and protecting the King of England's income derived from trade through shipping and trade. (c) advanced free trade across the British Empire. (d) held true for all of the above.