Fixed cost is sometimes called
a. total cost
b. sunk cost
c. variable cost
d. marginal cost
e. average total cost
B
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If a country is producing efficiently and is on the production possibilities frontier, the country can produce more of one good without producing less of the other good
Indicate whether the statement is true or false
Real GDP refers to nominal GDP adjusted for
a. depreciation. b. price changes. c. exports. d. taxes and saving.
The economic concept of scarcity refers to the fact that:
A. limited resources require economies to make choices among production alternatives. B. income must be redistributed through taxation in order to address income disparity. C. the United States will always have a battle to fight hunger. D. resources are often wasted and shortages are often the result.
A higher U.S. federal budget deficit may act to raise future U.S. interest payments to foreigners
a. True b. False Indicate whether the statement is true or false