Table 21.4Output (Units per Day)Total Cost (Dollars per Day)016130242358478At 4 units of output in Table 21.4, the total variable cost is
A. $5.00.
B. $19.50.
C. $20.00.
D. $62.00.
Answer: D
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Total planned consumption
a. exceeds total income at very low levels of output. b. is always less than total income. c. exceeds total income at very high levels of output. d. always equals total income.
The early goldsmiths issued money in the form of
a. coins made from gold in their safes. b. receipts for the acceptance of gold deposits. c. gold fragments left over from the production of jewelry. d. fully backed gold certificates.
When the Federal Reserve sells government bonds to the public, it directly
a. increases the M1 money supply and increases the reserves of the commercial banking system. b. increases the M1 money supply, while reducing the reserves of the commercial banking system. c. reduces the M1 money supply, while increasing the reserves of the commercial banking system. d. reduces the M1 money supply and decreases the reserves of the commercial banking system.
The following list contains items that are related to aggregate demand and/or aggregate supply.1)Government Spending 2)Consumer Expectations 3)Degree of Excess capacity 4)Personal Income Tax Rates 5)Productivity 6)National Income Abroad 7)Business Taxes 8)Domestic Resource Availability 9)Price of Imported Products 10)Profit Expectations on Investments Refer to the above list. A change in which factor is most likely to change both aggregate demand and aggregate supply?
A. 5 B. 3 C. 7 D. 9