Marginal cost is total variable cost divided by output.
Answer the following statement true (T) or false (F)
False
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The smaller the percentage of voters required for collective action, the higher the external costs
a. True b. False
According to Keynesian economists,
a. the economy will return quickly to full employment in most cases b. if output is below its potential, the economy will soon return to full employment c. production can be stuck below its full-employment level for extended periods of time d. the Great Depression proved that classical economics does a good job of explaining how the economy operates e. he economy will achieve full employment in the short run but, in the long run, GDP will fluctuate
Which of the following would most likely cause a nation's currency to depreciate?
a. an increase in exports coupled with a decline in imports b. a slower inflation rate than those of its trading partners c. lower domestic real interest rates d. lower real interest rates abroad
Suppose the market for shoes consists of three consumers. The accompanying table shows the quantity demanded at various prices for each consumer:PricePer PairPairs Demandedby PatPairs Demandedby LeighPairs Demandedby Chris$100010$75031$50173$302105The data suggest that Leigh:
A. has a greater demand for shoes than either Pat or Chris does. B. has a higher income than either Pat or Chris do. C. does not experience diminishing marginal utility. D. prefers shoes to other items that are for sale.