The vertical distance between the total variable cost curve and the total cost curve ________ as output increases; the vertical distance between the average variable cost curve and the average total cost curve ________ as output increases
A) decreases; remains the same
B) is constant; becomes smaller
C) increases; becomes smaller at first but then increases
D) increases; remains the same
B
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In 1980 the United States announced an embargo on grain exports to the Soviet Union in response to the Soviet invasion of Afghanistan. This embargo was mainly resisted by
A) U.S. grain consumers of bread. B) U.S. grain producers. C) foreign grain producers. D) U.S. communists. E) economists concerned with U.S. terms of trade.
Refer to the four graphs below. Select the graph above that best shows the changes in demand and supply in the market specified in the following situation: In the market for corn, if gasoline producers use more ethanol from corn, and good weather during
the growing season yields a bumper harvest.
A. Graph A
B. Graph B
C. Graph C
D. Graph D
Recall the Application about how worldwide trade has affected the U.S. auto industry to answer the following question(s). According to this Application, over the past few years there has been a ________ increase in ________ of automobile parts from outside the United States and Canada.
A. small; imports B. large; imports C. small; exports D. large; exports
The Federal Reserve's credit policy refers to
A. the Fed's direct lending to homeowners and students. B. a direct credit on bank depositors' saving and checking accounts. C. regulations on terms on credit cards that banks issue. D. the Fed's direct lending to financial and nonfinancial firms.