Average variable cost can be calculated using any of the formulas below except
A) TVC/Q.
B) (TC - FC)/Q.
C) ?(TC - FC)/?Q.
D) (TC/Q) - AFC.
Answer: C
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The bid-asked spread is likely to be greater on securities that are
A) issued in larger denominations. B) have low market risk. C) less liquid. D) traded in a deep market.
Stagflation is caused by
a. a negative supply shock. b. a positive supply shock. c. a negative demand shock. d. a positive demand shock. e. none of the above.
Vicki consumes meatloaf and pizza. To keep her utility constant, you must give her more of one good if you take some of the other away. This information implies that
a. Vicki's marginal rate of substitution must be constant along her indifference curve. b. Vicki's indifference curve must have a negative slope. c. the prices Vicki must pay for meatloaf and pizza are always the same. d. Vicki's marginal utility from each good must be constant along her indifference curve.
In November, 2012, U.S. lawmakers were faced with a "fiscal cliff:" if they did not agree on how to reduce the federal deficit, automatic tax increases and drastic cuts in government spending would take effect. What would happen if the fiscal cliff occurred?
A) The aggregate demand curve shifts rightward, the price level rises and real GDP increases. B) The aggregate demand curve shifts leftward, the price level falls and real GDP decreases. C) The short run aggregate supply curve shift leftward, the price level rises and real GDP decreases. D) The short run aggregate supply curve shifts rightward, the price level falls and real GDP increases.