Average cost is the cost of producing the next unit.
Answer the following statement true (T) or false (F)
False
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Suppose that the federal government had a budget deficit of $80 billion in year 1 and $90 billion in year 2, but that it experiences budget surpluses of $40 billion in year 3 and $20 billion in year 4
Also assume that the government uses any budget surpluses to pay down the public debt. At the end of these four years, the Federal government's public debt would have A) increased by $110 billion. B) decreased by $57.5 billion. C) increased by $230 billion. D) decreased by $110 billion.
If the reserve ratio is 4 percent, the money multiplier is equal to 25
Indicate whether the statement is true or false
The table above shows Mary's utility from chips and soda. The table shows that
A) Mary prefers sodas to chips. B) Mary will consume no soda and only chips. C) Mary's marginal utility decreases as she consumes more chips. D) Mary's total utility decreases as she consumes more chips.
If planned investment is greater than actual investment, then aggregate expenditure is less than GDP
Indicate whether the statement is true or false