If AVC=$15 and AFC=$10, then ATC=
a. $10
b. $5
c. $15
d. $25
d
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The benevolent social planner engages in
A) positive economic analysis. B) normative economic analysis. C) both positive and normative economic analysis. D) neither positive nor normative economic analysis.
If a firm decreases production, then its:
A. variable costs rise. B. fixed costs stay the same. C. total costs increase. D. All of these are true.
Nations that cannot participate in international trade (for, say, geographic or political reasons) cannot gain the benefits of
a. economic growth and security b. tariff protection c. specialization in production d. economic independence e. having choice among production possibilities
The Boy Scouts have so far sold 100 tickets for their upcoming raffle, but they sell a constant additional 12 tickets every day. After three more days of selling tickets, the stock of tickets sold will be ________, and the flow of tickets sold will be ________.
A. 100; 36 B. 136; 36 C. 36; 12 D. 136; 12