The graph of average fixed cost is a horizontal line
a. True
b. False
B
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Economic theory is a necessity, not a luxury. This statement is true because theory
A. always leads to practical and useful policy. B. can prevent depressions in the economy. C. substitutes for vast amounts of data. D. provides a structure for organizing and analyzing data. E. always leads to accurate predictions.
If this is an open economy, the price of a car will be ________. 
A. $8,000/car B. $6,000/car C. $10,000/car D. $14,000/car
The sale of financial assets, such as stocks and bonds, is ________.
A. not included in GDP, because they do not increase domestic production B. not included in GDP, because they do not increase domestic wealth C. included in GDP, because they increase domestic wealth D. included in GDP, because they raise domestic production
Diseconomies of scale are pictured on a graph by the upward-sloping portion of the
a. marginal product curve b. short-run marginal cost curve c. long-run marginal cost curve d. short-run average cost curve e. long-run average cost curve