Given the production function and total cost function shown in Chapter 4, as production increases, average total costs
A. decrease constantly.
B. increase for a while and then decrease.
C. increase constantly.
D. decrease for a while and then increase.
Answer: D
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The average tax rate is calculated as
A) total income divided by the total tax paid. B) the change in income divided by the change in total tax paid. C) total tax paid divided by total income. D) the change in total tax paid divided by the change in income.
Year 2 nominal GDP is
A) $200. B) $270. C) $310. D) $390.
In economics, which of the following is considered as financial capital?
a. Offices and warehouses b. Stocks and bonds c. Machinery d. Factories e. Equipment
Which of the following determines how much money an individual will decide to hold?
a. Investment spending b. Income taxes c. The price level d. The supply of money e. Real GDP