Fixed costs are defined as
a. the total costs of a firm's production
b. the additional cost of the last unit produced
c. costs that increase proportionately as the quantity produced increases
d. costs that do not vary as quantity produced increases
e. implicit costs only
D
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Exchange Rates
In a barter system, we would see
A) many different units of money. B) money and goods exchanged for each other. C) wide-spread depository institutions. D) goods traded directly for other goods and services.
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The opportunity cost of one tomato in Country A is:
A. 4 bananas. B. 5 bananas. C. 100 bananas. D. 20 bananas.
If demand is __________ and price is __________, total revenue will _________.
A. inelastic; raised; increase B. inelastic; lowered; decrease C. elastic; raised; decrease D. All of these options are true