Which of the following statements is not correct?
a. The marginal cost of the fifth unit of output equals the total cost of five units minus the total cost of four units.
b. The total variable cost of seven units equals the average variable cost of seven units times seven.
c. If marginal cost is rising, then average variable cost must be rising.
d. The marginal cost of the fifth unit of output equals the total variable cost of five units minus the total variable cost of four units.
c
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The costs of inflation have been most apparent in the post-war period in countries like
A) Argentina. B) Belgium. C) the United States. D) Canada. E) Japan.
The period between ________ is commonly regarded by economists as a "golden age" of rapid productivity growth in the United States
A) 1898 and 1929 B) 1920 and 1940 C) 1933 and 1965 D) 1948 and 1973
The AIC is a statistic
A) that is used as an alternative to the BIC when the sample size is small (T < 50) B) often used to test for heteroskedasticity C) used to help a researcher chose the number of lags in a time series with multiple predictors D) all of the above
Which of the following should not be considered as an opportunity cost of attending college?
a. Expenses that are the same whether or not you attend college b. Lost salary c. Business lunches d. Interest that could have been earned on your money had you put the money into a savings account, rather than spent it on tuition e. Opportunities sacrificed in the decision to attend college