All of the following can be used to compute average profit except
A) marginal profit minus marginal cost.
B) total profit divided by quantity.
C) average revenue minus average total cost
D) price minus average total cost.
Answer: A
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A marginal tax rate is
A) the fraction of each additional dollar of income that must be paid in taxes. B) the incremental income one must earn to offset each additional dollar of tax. C) the ratio of a change in income to a change in taxes paid. D) the fraction of income that must be paid in taxes.
Which of the following is a reason the inflation rate has stayed at or below 3 percent every year since 1992?
A. The advent of E-commerce, which has added a new layer of competition B. The rise of huge discounters, such as Wal-Mart and Staples C. The rising tide of imported goods D. All of the choices are correct
Refer to the information provided in Table 36.2 below to answer the question(s) that follow. Table 36.2 PointAggregate Income (Y)Aggregate Consumption (C) A 10 14 B 20 23 C 30 25 D 40 26 E 50 34 F 60 39The data in the table was used to estimate the following consumption function: C = 12 + 0.4YRefer to Table 36.2. The error for point C is equal to
A. -1. B. 0. C. +1. D. +2.
From 1970 to 2006, average real income for the top 5% of U.S. households
A) decreased by more than 10%. B) remained virtually unchanged. C) increased by about 5%. D) almost doubled.