Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. 
Figure 8.4 Refer to Figure 8.4. If twelve microwave ovens are produced, average variable costs are
A. $16.67.
B. $41.67.
C. $66.67.
D. $166.67.
Answer: B
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The single best indicator of the degree of economic inequality in a country is the
a. top/bottom ratio b. Gini coefficient c. poverty rate d. Kuznets curve e. bell curve
A decrease in the required reserve ratio will:
a. reduce commercial bank loans and reduce the money supply. b. increase commercial bank loans and reduce the money supply. c. increase commercial bank loans and increase the money supply. d. decrease commercial bank loans and increase the money supply.
The law of diminishing marginal product provides an explanation for why average total cost eventually increases as output is expanded in the short run
a. True b. False Indicate whether the statement is true or false
Suppose Gizmo Inc. is willing to sell one gizmo for $10, a second gizmo for $12, a third for $14, and a fourth for $20, and the market price is $20. What is Gizmo Inc.'s producer surplus?
A. $56 B. $24 C. $20 D. $10