The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The average variable cost of producing 80 units equals ________ per unit
A) $0.75
B) $1.00
C) $1.75
D) $20
E) $0.25
B
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The use of spending and taxes by the government to influence aggregate demand is known as
a. monetary policy. b. governmental policy. c. administrative policy. d. fiscal policy. e. federal policy.
"Private costs are borne by individuals while social costs are borne by society." Do you agree or disagree? Why?
What will be an ideal response?
In the classical model, changes in interest rates will always ensure that
A. consumption equals income. B. saving equals investment. C. consumption equals production. D. consumption equals investment.
The age-earnings cycle is an earnings profile of an individual throughout the person's lifetime. The profile shows that
A. earnings usually peak at age 25 and then decline. B. earnings and age have no particular correlation. C. younger workers have the most productivity. D. earnings gradually rise until they peak around age 50.