Figure 5.4 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 100, the total variable cost is:
A. $2,800.
B. $4,000.
C. $4,500.
D. $6,300.
Answer: B
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According to Keynes, planned consumption
A) decreases as disposable income increases. B) is positively related to real disposable income. C) is unstable and fluctuates widely with changes in disposable income. D) is indirectly related to the interest rate.
Which of the following persons is NOT considered a part of the labor force?
A) Mary, who has a part-time job as a day care specialist B) Lones, an unemployed mechanic looking for a new job C) Jameson, an accountant who has been temporarily laid off during the holiday season D) Desire, a wealthy hedge fund manager who just took early retirement E) Lucy, who works 20 hours a week in her father's restaurant for no pay
The gains from trade include: i. lower prices from competition. ii. greater output from specialization. iii. greater variety of goods and services available
A) i and iii only B) ii and iii only C) i and ii only D) i, ii, and iii E) ii only
A decrease in the price level will _____
a. shift the consumption function upward b. shift the consumption function upward c. result in an upward movement along the consumption function d. result in a downward movement along the consumption function e. shift the consumption function downward