Let the TC curve be given by the equation TC(Q) = 20 + 5Q. The variable cost curve can be expressed as
A. 20.
B. 5Q.
C. 20 + 5Q.
D. 5.
Answer: B
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The unemployment rate is found by dividing the number of unemployed people by the
A) number of working individuals, and multiplying by 100. B) number of the working-age population, and multiplying by 100. C) sum of working individuals plus unemployed workers, and multiplying by 100. D) number in the labor force, and dividing by 100.
In the trade-based theory of exchange rate determination, the quantity supplied of a currency in the foreign exchange market results from
A) its exports of goods and services. B) the nation's demand for imports C) the level of domestic absorption. D) the import demand curve.
Distinguish between demand and quantity demanded. Do the same for supply and quantity supplied
Which of the following decisions is the best example of a business engaging in marginal thinking?
a. choosing whether or not to manufacture an entirely new product line b. deciding to discontinue using newspaper advertising completely c. evaluating whether it would increase profits to add a second shift at their factory d. identifying the opportunity that will be lost when a certain action is taken