Which of the following is equivalent to total cost?
a) Fixed costs plus variable costs.
b) Marginal costs plus implicit costs.
c) Economic costs plus accounting costs.
d) Variable costs plus marginal costs.
Answer: a) Fixed costs plus variable costs.
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What factors generate economic growth?
What will be an ideal response?
An indirect or inverse relationship between price and quantity demanded is
A) the market clearing price. B) a change in demand. C) a supply curve. D) a demand curve.
A point along a production possibilities curve shows
A. that in order to acquire more of one good, none of the alternative good must be given up. B. that in order to acquire more of one good, some of the alternative good must be given up. C. that any amount of goods could be produced by society if people worked harder. D. various combinations of guns and butter that can be produced under conditions of 6 percent unemployment.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, the optimal point for the economy is
A. A. B. B. C. F. D. indeterminate from the information given.