Total cost is:
A. the sum of fixed cost and average variable cost.
B. the sum of variable costs and fixed costs.
C. average variable cost times quantity.
D. the sum of average fixed cost and marginal cost.
Answer: B
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Which of the following is not a determinant of demand?
a. production costs b. consumer expectations c. prices of related goods d. tastes and preferences of consumers
If an Engel curve has a negative slope,
A) the good is inferior. B) the good is normal. C) the good has no substitutes. D) the good has no complements.
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if this economy were open to free trade, and decided to impose a tariff, the domestic quantity supplied would increase from:
A. 815 to 1150. B. 250 to 500. C. 815 to 1500. D. 250 to 815.
Refer to the information provided in Figure 7.10 below to answer the question(s) that follow. 
Figure 7.10Refer to Figure 7.10. At Point A the absolute value of the slope of the q1 = 100 isoquant is
A. less than 2. B. exactly equal to 2. C. greater than 2. D. indeterminate from this information.