If a change in variable x causes a change in variable y, variable x is called the _____.
A. dependent variable
B. explained variable
C. explanatory variable
D. response variable
Answer: C
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Total cost falls when marginal cost is ________, and total cost rises when marginal cost is ________
A) negative; positive B) positive; negative C) zero; negative D) zero; positive
The system of grants from one level of government to another is an example of fiscal federalism.
Answer the following statement true (T) or false (F)
Even small differences in annual growth rates matter because ______.
a. considerable sums of money are involved b. they provide key indicators for the future c. governments use them to set tax rates d. differences are compounded over time
Under perfect competition, which of the following are equal at all levels of output?
A. price and marginal cost B. price and marginal revenue C. marginal cost and marginal revenue D. marginal cost and short-run average total cost