Which of the following is true?
A) AFC + AVC = ATC
B) The law of diminishing marginal returns states that as the use of an input increases, its MPP will eventually fall
C) If total economic surplus is positive due to a shift in a demand or supply curve, society is better off
D) All of the above
Answer: D
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Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500In 2011 real GDP per capita equals ________.
A. $140 B. $7,000 C. $100 D. $70,000
The main goal of monetary policy for recent Fed Chairmen has been to maintain high employment in labor markets
Indicate whether the statement is true or false
Population growth in the early nineteenth century was slow due to the lack of immigration
Indicate whether the statement is true or false
When comparing the price of a tablet with the price of a laptop, Amanda discovered the tablet was more expensive. This is an example of using money as
A) a store of value. B) a medium of exchange. C) a unit of accounting. D) a standard of deferred payment.