Economic efficiency is achieved at a particular output level if:
A. average fixed cost is as low as possible.
B. average total cost is as low as possible.
C. average variable cost is as low as possible.
D. marginal cost is as low as possible.
Answer: B
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Net taxes are: a. taxes plus transfer payments
b. taxes minus transfer payments. c. an injection into the economic system. d. consumption after taxes. e. government spending minus taxes.
If required reserves are $50 and deposits are $1000, what is the required reserve ratio?
What will be an ideal response?
Which of the following statements about economic models is TRUE?
A) The best economic models must be most complex. B) A good model does not rely on any assumptions. C) Every model is based on a set of assumptions. D) Economic models are designed to explain what people need.
Which of the following is NOT a challenge to doing business in China?
A) Issues related to the business climate, such as taxes B) The availability of credit C) Failure to protect intellectual property D) Poor infrastructure and port facilities to support export of products