In the short run, if average variable costs equal $45, average total costs equal $50, and output equals 100, the total fixed costs will equal
a. $5.
b. $500.
c. $1,000.
d. $5,000.
B
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Why does the Federal Reserve Bank of New York play a special role within the Federal Reserve System?
What will be an ideal response?
The difference between the federal budget deficit and the national debt is that the:
a. deficit is a stock variable and the debt is a flow variable. b. deficit is a flow variable and the debt is a stock variable. c. debt includes interest payments and the deficit does not. d. deficit can be positive, but the debt can not e. debt can be negative, but the deficit cannot.
Approximately how much of aggregate national income in the United States is spent on health care today?
A. 18 percent B. 45 percent C. 3 percent D. 34 percent
Marginal product of labor refers to the
A. change in total product resulting from employing one more unit of labor. B. total product divided by the number of units of labor employed. C. smallest amount of output produced by labor. D. last unit of output produced by labor at the end of each period.