Fixed costs can be defined as costs that
a. vary inversely with production.
b. vary in proportion with production.
c. are incurred only when production is large enough.
d. are incurred even if nothing is produced.
d
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Team production is a production process in which
A) pay is based on group output. B) individuals specialize in mutually supportive tasks. C) competing groups perform identical tasks. D) individuals rotate from one task to another.
With regard to incomes at the time of the Revolution,
(a) colonial incomes before taxation were high, but because of heavy taxation, after-tax incomes were lower than those of the British. (b) there is no data available that provide any information on the subject. (c) both before-tax and after-tax colonial incomes were lower than those in England. (d) incomes in the colonies were higher than in England, especially after-tax incomes, because of relatively light taxation of the colonists.
Producer surplus is
A) the total difference between the total amount that producers actually receive for an item and the total amount that they would have been willing to accept. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers are willing to pay for an item and the total amount that producers would like to receive. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.
If one dollar is initially equal in value to one euro and demand for euros increases, then each dollar will be worth
a. more than one euro, and European imports will be cheaper in the United States b. less than one euro, and European imports will be more expensive in the United States c. more than one euro, and European imports will be more expensive in the United States d. less than one euro, and European imports will be cheaper in the United States e. the same as the euro, and there will be no change in the values of imports or exports