Which of the following is not a cost per unit produced?
a) Total cost;
b) Marginal cost;
c) Average variable cost;
d) Both (a) and (b) are not unit costs.
Answer: d) Both (a) and (b) are not unit costs
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The slope of the aggregate supply curve shows that, all else the same, the
A) quantity of real GDP supplied increases as the price level increases. B) price level remains constant as potential GDP increases. C) price level remains constant as real GDP increases. D) quantity of real GDP supplied remains constant as the price level increases. E) quantity of real GDP supplied decreases as the price level increases.
You put money into an account and earn a real interest rate of 6 percent. Inflation is 3 percent, and your marginal tax rate is 20 percent. What is your after-tax real rate of interest?
a. 4.8 percent b. 5.4 percent c. 7.2 percent d. 4.2 percent.
Figure 5-1
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Figure 5-1 plots potential and real output for a hypothetical economy. Based on this graph, the recession occurred
A. between years 1 and 2. B. between years 2 and 3. C. between years 3 and 4. D. after year 4.
If the government set a price floor at $24
A. there would a temporary surplus, then prices would fall to equilibrium.
B. there would be a permanent surplus, at least until the price floor was lifted.
C. the price floor would not have any effect on this market.
D. the price would rise to the equilibrium price.