Refer to the table shown. The average fixed cost of producing 5 units of output is:Units of outputTotal cost05111216320423525626
A. $0.
B. $1.
C. $2.
D. $3.
Answer: B
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If we compare the Canadian natural unemployment rate to the U.S. natural unemployment rate, we find that for most years since 1980
A) the Canadian rate is higher, possibly the result of higher unemployment benefits in the United States for most of those years. B) the U.S. rate is higher, possibly the result of greater job search within a larger country. C) they are essentially the same because we have a lot in common. D) the Canadian rate is higher, possibly the result of higher unemployment benefits in Canada for most of those years. E) The U.S. rate is higher, possibly the result of more structural change occurring in the United States.
The higher the opportunity cost of attending college,
A) the more likely an individual will go to college. B) the more economics classes an individual will take at college. C) the fewer economics classes an individual will take at college. D) the less likely an individual will go to college.
Assuming that the United States is the domestic economy, ________ are goods and services produced by ________ and purchased by ________
A) exports; foreign countries; the United States B) exports; the United States; the United States C) imports; foreign countries; foreign countries D) imports; foreign countries; the United States
If commercial banks are maintaining a 4 percent reserve/deposit ratio and the Fed raises the required reserve ratio to 6 percent, then banks will ________ their loans based on current deposits, and the money supply will ________.
A. decrease; decrease B. increase; increase C. decrease; increase D. increase; decrease