Which of the following statements are false?
a. b and d.
b. Marginal cost is always rising.
c. Marginal and average total costs are equal at the most efficient production level.
d. The AFC and AVC curves do not cross.
e. The AFC and ATC curves do not cross.
a
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Frictional unemployment arises when
A) unskilled or low-skilled workers find it difficult to obtain desirable, long-term jobs. B) labor must be reallocated from industries that are shrinking to areas that are growing. C) workers must search for suitable jobs and firms must search for suitable workers. D) output and employment are below full-employment levels.
If the consumer price index in 2007 is 25 times that of 1860, and a slave cost $2,000 in 1860, how much is that in terms of 2007 dollars?
a. $12,500 b. $25,000 c. $50,000 d. $75,000 e. $750,000
The investment trade-off:
A. is a reduction in current consumption to pay for the investment in capital intended to increase future production. B. is why countries don't devote all their resources to capital investment. C. defines the opportunity cost of capital investment. D. All of these are true.
Which of the following is necessary for a system of marketable pollution permits to lead to beneficial trades between polluting companies?
A. Companies must have common abatement costs. B. There must be differences in abatement costs between companies. C. Company owners must have a social conscience and must be devoted to pollution abatement. D. The government must direct companies toward beneficial trades.