Which of the following statements is true of the relationship between average and marginal costs?
a. The sum of the marginal cost of a good and its average cost is equal to the total cost of the good.
b. The marginal cost of a good is inversely proportional to its average cost.
c. The marginal cost of a good is equal to the first derivative of the average cost of the good
d. The average cost of a good is equal to the first derivative of the marginal cost of the good.
c
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If for a given year nominal GDP is $2000 billion and real GDP is $1500 billion, then the GDP price index is
A) 100. B) 1.33. C) 750. D) 0.75. E) 133.
Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36
A) Walter will receive $4 of consumer surplus from buying one ticket. B) Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket. C) Violet and Walter will each buy two tickets. D) Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets.
What is an indifference curve? Why can indifference curves never cross?
What will be an ideal response?
We define net exports to be:
A. exports minus imports. B. imports minus exports. C. imports divided by exports. D. imports plus exports.