Total cost divided by the total number of inputs is called:
a. marginal cost
b. average cost
c. total cost
d. variable cost
b
You might also like to view...
The clear winners from the quota are the ________, and the losers are the______. 
A. domestic producers; domestic consumers B. domestic consumers; domestic producers C. government; domestic consumers D. importers; domestic producers
Which of the following is reflected in the gross domestic product (GDP)?
a. The value of leisure time b. The value of illegal goods and services c. The value of final goods produced by firms d. The cost of depletion of natural resources e. The value of house maintenance performed by homeowners
Negative externalities lead markets to produce a smaller quantity of a good than is socially desirable, while positive externalities lead markets to produce a larger quantity of a good than is socially desirable
a. True b. False Indicate whether the statement is true or false
Suppose that Argentina's dollar-denominated external assets and liabilities are $10 billion and $100 billion, respectively, and its Argentine peso-denominated external assets and liabilities are each 50 billion pesos (P). Suppose further that Argentina fixes its exchange rate at P1 = $US1. Suppose that Argentina changes its exchange rate to P3 = $US1. Now what is the peso value of Argentina's total external wealth?
A) -270 billion pesos B) -150 billion pesos C) 0 D) -210 billion pesos