How much is the APC when disposable income is $1200 billion?
1200/1200 = 1
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If the costs of production decrease, there is
A) an increase in aggregate supply and the AS curve shifts rightward. B) an increase in the quantity of real GDP supplied and a movement up along the AS curve. C) a decrease in aggregate supply and the AS curve shifts leftward. D) a decrease in the quantity of real GDP supplied and a movement down along the AS curve. E) an increase in aggregate supply and the AS curve shifts leftward.
Average total costs are total costs divided by
A) total output. B) total fixed costs. C) total variable costs. D) the total number of workers employed.
Which of the following is NOT a feature of a common market?
A) Substantial coordination of macroeconomic policies among the members B) Free trade in goods and services between the members C) Common external barriers to trade D) Factor mobility
The price of Super Bowl tickets sold by scalpers is likely to be
A. less than face value. B. more than face value. C. independent of which teams are playing in the Super Bowl. D. exactly face value.