Average total cost is __________ divided by the number of units of output.
A) total cost
B) total variable cost
C) total fixed cost
D) marginal cost
Answer: A) total cost
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In a housing market with a rent ceiling set below the equilibrium rent, as time passes the supply of apartments
A) decreases. B) increases. C) does not change. D) becomes fixed by the government. E) increases while the demand for apartments decreases.
Increasing U.S. trade deficits result in: a. federal budget surpluses
b. increased U.S. savings. c. reduced purchases of U.S. government bonds by people in other countries. d. accumulation of dollars overseas. e. increased U.S. investment abroad.
How will a decrease in price tend to affect supply?
a. Supply will increase. b. Supply will decrease. c. Supply will not change. d. Uncertain.
A car dealer sells you a car today in exchange for money in the future. This illustrates which function of money?
A) medium of exchange B) unit of account C) store of value D) standard of deferred payment