Some of the cost curves for Ike's Ice Cream Kitchen are given in the above figure. At which of the following levels of output will AFC be the lowest?
A) at 0 gallons
B) at 10 gallons
C) at 40 gallons
D) at 70 gallons
D
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Negative income taxes have been a feature of our tax system since President Lyndon Johnson's "war on poverty" in the 1960s
Indicate whether the statement is true or false
Refer to Figure 5-4.What is the economically efficient output level?
A) Q1 B) Q1 plus Q2 C) Q2 minus Q1 D) Q2
Labor productivity tends to fall as the capital to labor ratio rises
a. True b. False Indicate whether the statement is true or false
The concept of "real GDP" refers to:
A) the value of the current total output plus the value of intermediate goods. B) GDP data which reflect changes in both physical output and environmental damage. C) the value of nominal GDP after adjustments have been made for changes in the price level. D) the value of nominal GDP minus the environmental pollution and changes in the distribution of income