Which of the following statements is true?
A. The total variable cost curve decreases as output increases.
B. Total variable cost is always greater than total fixed cost.
C. The total variable cost curve shows the variable costs of production given current factor prices.
D. Total variable cost is inversely related to output.
Answer: C
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Answer the next question using data in the following tables showing production possibilities for units of food and clothing for two regions, East and West, of a hypothetical world.East Production PossibilitiesWest Production Possibilities ABCD ABCDFood241680Food4530150Clothing04812Clothing051015The mutually beneficial terms of trade will be
A. between 2 and 3 units of food for 1 unit of clothing. B. less than 2 units of food for 1 unit of clothing. C. greater than 4 units of food for 1 unit of clothing. D. between 4 and 5 units of food for 1 unit of clothing.
At the _________ Conferences held from1899-1908, management as a discipline known as home economics was founded
a. Lake Placid b. Packard c. Smith-Lever d. San Francisco
The unemployment rate as determined by the BLS will increase whenever there is a(n)
a. increase in the number of persons classified as underemployed b. increase in the number of unemployed persons while the size of the labor force remains unchanged c. increase in both the number of unemployed and the size of the labor force d. reduction in the size of the labor force e. reduction in both the size of the labor force and the number of unemployed
Which of the following statements is true?
A) A decrease in wage rates will shift the SRAS curve to the left. B) An adverse supply shock will shift the SRAS curve to the left. C) A fall in the prices of nonlabor inputs will shift the SRAS curve to the left. D) An increase in labor productivity will shift the SRAS curve to the left. E) c and d