When costs that vary with the level of output are divided by the output, you have calculated:
a. total changing cost.
b. total fixed cost.
c. average fixed cost.
d. average variable cost.
d
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An increase in education and training
A) increases labor productivity. B) increases aggregate hours. C) decreases real GDP growth. D) increases the employment-to-population ratio.
From the nineteenth century until the 1930s, the United states most consistently adhered to
A) the Bretton Woods system. B) a managed-float exchange rate system. C) a freely-floating exchange rate. D) the gold standard.
If a non-renewable resource is scarce, has constant marginal cost of production and is sold in a competitive market,
A) its price will increase over time. B) its price will exceed marginal cost. C) its price will increase by the rate of interest. D) All of the above.
The federal minimum wage automatically increases every year for inflation
Indicate whether the statement is true or false