Average Total Cost is
A. the per unit cost of production.
B. the per unit fixed cost of production.
C. the per unit variable cost of production.
D. the addition to cost associated with one additional unit of output.
Answer: A
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Is it possible for a country's nominal GDP to increase and real GDP to decrease from one year to the next?
A. Yes, it would indicate a larger rise in prices relative to a decrease in output. B. No, since prices are held constant and that would be mathematically impossible. C. Yes, it would indicate a larger rise in output relative to a decrease in prices. D. No, since output is held constant and that would be mathematically impossible.
Absolute advantage is irrelevant, because knowing the absolute number of labor hours required to produce a good does not indicate if a country benefits from trade
a. True b. False Indicate whether the statement is true or false
Under the gold standard, a balance of payments surplus leads to an outflow of gold
a. True b. False Indicate whether the statement is true or false
Along the inelastic portion of a demand curve,
a. the change in price will always be less than the change in quantity demanded. b. the percentage change in price will be less than the percentage change in quantity demanded. c. the change in price will always be more than the change in quantity demanded. d. the percentage change in price will be more than the percentage change in quantity demanded.