Average variable costs equal
A) total variable costs divided by marginal costs.
B) total variable costs divided by output.
C) the change in marginal costs from producing another unit of output.
D) output divided by the change in total costs.
Answer: B
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The board of education of a school district faced with a surplus of teachers, but unable to lower salaries because of union contracts, will
A) be unable to balance the quantity supplied with the quantity demanded. B) have to hire fewer teachers than it wants to. C) have to hire more teachers than it wants to. D) tend to have relatively few young teachers on its payroll.
When the social costs exceed the private costs, economists state that there is
A) a positive externality. B) an underproduction of output. C) a negative externality. D) social appreciation of resources.
In 2011, the average American earned about $48,000 while the average Nigerian earned about $1,200 . Which of the following statements is likely?
a. The average American purchases more televisions than the average Nigerian. b. The average American has better nutrition and healthcare than the average Nigerian. c. The average American has a longer life expectancy than the average Nigerian. d. All of the above are correct.
There are race-based differences in income that cannot be explained by factors such as educational attainment and years of experience. Evidence of discrimination comes from audit studies, where otherwise similar white and minority candidates are sent to the same source to seek jobs, rent apartments, or apply for mortgage loans, and minority candidates are treated less favorably
Indicate whether the statement is true or false