Total cost is equal to the
A) sum of the total fixed cost and the total variable cost.
B) sum of the average fixed cost and the average variable cost.
C) difference between the average variable cost and the average fixed cost.
D) product of the marginal cost multiplied by the average total cost.
A
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Workers whose wages tend to adjust slowly include all of the following EXCEPT
A) those with long-term contracts. B) movie stars, professional athletes, and rock stars. C) union workers. D) unskilled, low wage workers.
When the economy reaches a trough in a business cycle, which of the following will occur?
A) Income, production, and employment will begin to rise. B) Income and production will rise, but employment will continue to fall. C) Employment rises, but income and production will continue to fall. D) Income, production, and employment will continue to fall.
Joe walks into Best Buy prepared to spend no more than $500 cash on a new computer, but the price turns out to be $600. Joe is told if he finances it on a Best Buy credit card, it will cost $600, but he will get a $25 gift card free with the computer. Joe opts to open the credit card and puts the full $600 on the account. According to economic theory, Joe's decision is:
A. irrational. B. rational. C. budget-conscious. D. optimal.
For developing countries:
A. it is best if they avoid trade until ready to compete globally. B. encouraging imports only tends to be more successful than encouraging exports. C. encouraging exports only tends to be more successful than encouraging imports. D. trade can be a major source of development.