Which of the following is an example of an inverse relationship?
A. amount of snowfall and profits of ski resorts
B. the number of hours working while not studying for a test and test grade
C. hours of study and test grade
D. calories eliminated from diet and weight loss
Answer: B
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Based on the cost data in the above table, the long-run average cost (LRAC) is lowest when output is
A) 20. B) 40. C) 80. D) Long-run average cost is constant at all levels of output.
A disadvantage of the corporate form of business organization is
A) double taxation. B) limited access to capital. C) that the corporation can only do business in the state where it was incorporated. D) unlimited liability for shareholders.
Large firms can take advantage of economies of ___________.
Fill in the blank(s) with the appropriate word(s).
Larger loans, other things constant, have lower interest rates because
A) only large, financially sound corporations obtain such loans. B) large loans always have collateral. C) large loans are always for short time periods. D) the fixed costs associated with the handling charges as a percent of the total loan are less.