Assume both the marginal cost and the average variable cost curves are U-shaped. At the minimum point on the AVC curve, marginal cost must be:
A. greater than the average variable cost.
B. ?less than the average variable cost.
C. ?equal to the average variable cost.
D. ?at its minimum.
Answer: C
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If Country A can produce an extra plane by giving up two boats, and Country B can produce an extra plane by giving up three boats, then
A) Country A has an absolute advantage in producing planes and a comparative advantage in producing boats. B) The two countries have no incentive to trade with one another. C) Country A would like to trade with B, but B cannot gain by trading with A. D) Country B has a comparative advantage over Country A in the production of planes. E) Country A has a comparative advantage over Country B in the production of planes.
Refer to Figure 13.2. If Oliver's political views place him at the L4 position and George's political views place him at the C4 position, the winner of the election will be
A) Oliver Cousins. B) George Glass. C) The vote will end in a tie. D) It is uncertain who will win this election.
Can the U.S. federal government go broke as a result of a large national debt?
The process by which new products and methods of production are continuously replacing old ones is known as
What will be an ideal response?