The face value of a bond is the amount that will be paid to the holder of the bond when it matures.
a. true
b. false
Ans: a. true
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Average fixed cost is
a. the sum of variable and fixed costs b. total cost minus variable cost c. variable cost plus marginal cost d. total fixed cost per unit of output e. constant as output changes
A professor at a university finds a way to reduce the costs of producing automobile glass. The method is very easy for anyone to copy. A company develops a substance which prevents eyeglasses from smudging. It receives a patent on the formula. Which of these are common technological knowledge?
a. the method to reduce costs of producing automobile glass, and the formula for the substance that prevents smudging b. the method to reduce costs of producing automobile glass, but not the formula for the substance that prevents smudging c. the formula for the substance that prevents smudging, but not the method to reduce costs of producing automobile glass d. neither the method to reduce costs of producing automobile glass nor the formula for the substance that prevents smudging
The formula for MC is
A) TVC/q. B) q/TVC. C) ?TVC/q. D) ?TVC/?q.
Two economists are arguing about how to approach a problem. The first economist says, "Look, I can see in the data that consumption rises when income rises. We need to build a model with an equation that relates the two." The second economist responds, "I can see that is the case, but we have to understand why that is true before we build any equations, and then we will see what the model says about the relationship between the two." What kind of economist is the second one likely to be?
A. An engineering economist B. A behavioral economist C. A traditional economist D. An irrational economist