When comparing short-run average total cost with long-run average total cost at a given level of output,
a. short-run average total cost is typically above long-run average total cost.
b. short-run average total cost is typically the same as long-run average total cost.
c. short-run average total cost is typically below long-run average total cost.
d. the relationship between short-run and long-run average total cost follows no clear pattern.
a
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Which of the following best exemplifies a deadweight cost?
A) Eating something in a restaurant you don't really want because you have already paid for it. B) Paying for something in a restaurant but not eating it. C) Refusing dessert in a restaurant although it is included in the price of the meal. D) Tipping the waiter even though he gave slow, surly, and inattentive service. E) Waiting twenty minutes for a table to become available in a restaurant.
Workers compete against workers who have:
A. the exact same type of human capital. B. similar human capital. C. totally different human capital. D. all levels of human capital.
The more diversification savers have the:
A. more willing they are to save money, and the more economic growth can occur. B. less willing they are to save money, and the more economic growth can occur. C. more willing they are to save money, and the less economic growth can occur. D. less willing they are to save money, and the less economic growth can occur.
If nominal gross domestic product is $3,600 billion and the money supply is $900 billion, the velocity of money is _____
a. 25 b. 13.5 c. 4 d. 0.33