Figure 7-10
In Figure 7-10, the curve labeled C is
A. average fixed cost.
B. average total cost.
C. average variable cost.
D. marginal cost.
Answer: B
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To find the opportunity cost of producing one more unit of any product while on the production possibilities frontier requires
A) subtracting the change in the product whose production increased from the change in the product whose production decreased. B) dividing the amount of the product forgone by the amount of the product gained. C) setting the amounts of the two products equal to each other. D) setting the change in one product equal to the change in the other product. E) None of these describes how to find opportunity cost.
In which of the following ways does government affect the consumption component of planned aggregate expenditures?
What will be an ideal response?
From 2007 to 2009 our current account deficit
A. has been cut in half. B. stayed about the same. C. almost doubled. D. more than tripled.
Which of the following combinations is plausible for a nation's balance of payments? (All numbers in billions.)
A. current account = -40, financial account = -40 B. current account = -50, financial account = -50 C. current account = 10, financial account = 0 D. current account = 50, financial account = -50