Marginal cost can be determined best by observing changes in
a. average total cost.
b. total variable cost.
c. total fixed cost.
d. total cost/marginal product.
b. total variable cost.
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Which of the following would NOT be a reason why developed nations would try to coordinate their macroeconomic policies?
A) To achieve a desirable level of world economic growth B) To avoid imposing a disproportionate burden on one major country in its attempt to help other world economies C) To stimulate production in other countries using the higher incomes generated by policy coordination D) To coordinate retaliatory policies on developing countries' trade barriers E) None of the above. That is, A, B, C, and D are all correct.
Some people make purchases without complete information because:
A. they are irrational. B. the opportunity cost of getting more information outweighs the benefit of having more information. C. the benefit of having more information outweighs the opportunity cost of acquiring it. D. No one makes purchases without complete information.
John Maynard Keynes drew many economists ______________ the classical view. The classical view held that a market economy __________ regulate itself to avoid long periods of excessive unemployment
A) toward; can B) toward; cannot C) away from; can D) away from; cannot
Which of the following is not a supply shifter?
A. Level of technology. B. Weather. C. Prices of inputs. D. Average income level.