The EEC is a group of
a. South American countries
b. Eastern European countries
c. Asian countries
d. Middle Eastern countries
e. Western European countries
E
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Which of the following statements is TRUE?
A) Average fixed cost equals average total cost plus average variable cost. B) Average variable cost is always greater than average fixed cost. C) Average fixed cost equals total fixed cost divided by total output. D) Average total cost always falls as output increases.
According to the classical theory, inflation occurs when the annual rate of growth of the money supply is higher than the annual rate of growth of full-employment real GDP
Indicate whether the statement is true or false
An increase in a family's income will cause its budget line to
a. become steeper. b. become flatter (less steep). c. move closer to the origin. d. move away from the origin. e. become more convex toward the origin.
A few years ago, you bought a bond with no expiration and a fixed annual interest payment of $1000 at a price of $10,000. If the interest rate in the economy is now 12.5% a year and you want to sell the bond, the maximum price that you can get for it is:
A. $7,500 B. $8,000 C. $9,750 D. $12,500