At an output of zero, ________ is zero.
A. total cost
B. total variable cost
C. total fixed cost
D. All of the above are correct.
Answer: B
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Compared to 1955, Americans typically spend ______ of every consumer dollar on services.
A. less B. substantially less C. the same percentage D. more
In the long run:
A. all factors of production are fixed. B. all factors of production are variable. C. some factors of production are variable, while at least one factor of production is fixed. D. None of these are correct.
Assume that Mr. Smith's income increased from $40,000 last year to $45,000 this year and that he paid an additional $2,000 in taxes. This would indicate that his marginal tax rate is
A) 10 percent. B) 25 percent. C) 30 percent. D) 40 percent.
If the MPC increases in value, what will happen to the slope of the consumption function?
A. The slope will decrease and the consumption function will become flatter. B. The slope will decrease and the consumption function will become steeper. C. The slope will increase and the consumption function will become steeper. D. The slope will increase and the consumption function will become flatter.