Which of the following is NOT correct?
A. ATC + AVC = AFC
B. ATC = TC/Q
C. AVC = TVC/Q
D. MC = change in TC/change in Q
Answer: A
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Choosing to produce at any point within a production possibilities frontier is:
A. inefficient, meaning the society would not be using all its available resources in their best possible uses. B. efficient, meaning the society would be using all its available resources in their best possible uses. C. unobtainable, meaning the society cannot produce that combination of goods. D. efficient but not attainable.
Figure 36-2
Which of the following explains the movements in Figure 36-2?
A. An increase in U.S. imports B. A decrease in U.S. exports C. An increase in U.S. exports D. A decrease in U.S. net exports
Disposable personal income equals personal income
A) minus personal tax payments. B) plus government transfer payments. C) minus personal tax payments plus government transfer payments. D) minus government transfer payments plus personal tax payments.
Refer to the scenario above. Which of the following combinations will lie above Jack's production possibilities curve?
A) 2 paintings and 3 sculptures B) 5 sculptures only C) 10 paintings only D) 3 paintings and 5 sculptures