Total fixed cost is also known as ______
Fill in the blank(s) with the appropriate word(s).
Answer: overhead
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Appreciation of the Canadian dollar will
A. intensify an existing disequilibrium in Canada's balance of payments. B. make Canada's exports less expensive and its imports more expensive. C. make Canada's exports more expensive and its imports less expensive. D. make Canada's exports and imports both more expensive.
The factor of production called "labor" can be defined as the:
A. time spent by employees in the production of goods, but not services. B. fraction of total costs spent on people. C. number of worker-hours a business uses at a given time. D. number of people a business has access to at any given time.
The government imposes a maximum price on apartments that is above the equilibrium price. You accurately predict that
A. the law will create a surplus of apartments. B. landlords are less likely to do routine maintenance work in the apartments. C. renters will find that landlords start offering to furnish the apartments. D. the law will have no economic impact.
The base year of an index is
A. the year chosen for the weights in a fixed weight procedure. B. the first year of the index. C. the year currently being calculated. D. the last year of the index.