In the short run:
A. TVC will increase for a time at a diminishing rate, but then beyond some point will increase
at an increasing rate.
B. TVC will increase for a time at an increasing rate, but then beyond some point will increase
at a diminishing rate.
C. TVC will increase by the same absolute amount for each additional unit of output
produced.
D. one cannot generalize concerning the behavior of TVC as output increases.
Answer: A
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In a marketplace, the rental price of apartments is determined by:
A) negotiations between landlords and regulators. B) negotiations between renters and regulators. C) negotiations between renters and landlords. D) negotiations between politicians and regulators.
Which of the following formulas defines average cost?
A. AC = TC/Q B. AC = MRP = MFC C. AC = MPP/Q D. AC = TC?Q
According to the scenario above, in which of the following groups are all the people frictionally unemployed?
A) Rita and Darrelo B) Chris, Rita, and Thorton C) Rita and Jung D) Darrelo and Jung E) Jung
If a local government collects taxes of $250,000, has $175,000 of government consumption expenditures, makes transfer payments of $75,000, and has no interest payments or investment, its budget would
A) show a surplus of $100,000. B) show a surplus of $75,000. C) be in balance with neither a surplus nor a deficit. D) show a deficit of $75,000.