Average Fixed Cost is
A. the per unit cost of production.
B. the per unit fixed cost of production.
C. the per unit variable cost of production.
D. the addition to cost associated with one additional unit of output.
Answer: B
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Entrepreneurship functions better when
A) the government performs the entrepreneurial function. B) there is a well-defined property rights system. C) saving is relatively low. D) most of the population has low levels of education.
A policy of a tax cut combined with increases in government purchases would shift the aggregate demand curve to the left
a. True b. False Indicate whether the statement is true or false
According to advocates of income inequality, if income were to be distributed equally,
a. productivity would increase b. it would take a little time for the distribution to become unequal again c. efficient allocation of resources would occur d. the MRP of the poor would rise and the MRP of the rich would fall e. productivity would decrease
Knowledge that is patented is a
a. public good, whereas knowledge that is not patented is a common resource. b. private good, whereas knowledge that is not patented is a club good. c. common resource, whereas knowledge that is not patented is a private good. d. club good, whereas knowledge that is not patented is a public good.