In the above figure, the total cost of producing the profit maximizing level of output is shown by rectangle
A. 0P5EQ5.
B. 0P4HQ4.
C. 0P2BQ1.
D. 0P1AQ1.
Answer: C
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The average benefit of n units of an activity is the:
A. extra benefit from carrying out one additional unit of the activity. B. n divided by the total benefit of n units. C. n times the total benefit of n units. D. total benefit of n units divided by n.
Saving is disposable personal income not spent on consumption
a. True b. False Indicate whether the statement is true or false
State and local governments usually finance programs like highways, libraries, hospitals, health care, parks, and police and fire protection
a. True b. False Indicate whether the statement is true or false
Which of the following statements is false?
A) Money is the only good that can (or does) serve as a store of value. B) In a barter economy, there is no good that serves as a unit of account. C) There are higher transaction costs of making exchanges in a barter economy than in a money economy. D) Money functions as a medium of exchange, unit of account, and store of value.