The direct exchange of one good or service for another is called
A. a token exchange.
B. barter.
C. the exchange of purchasing power.
D. a standard of deferred payment.
Answer: B
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Which of the following is a stock?
A. Saving B. Income C. Wealth D. Consumption
Complete the table below, which represents the production costs for a typical firm. (Round numbers to the nearest tenth.)
TP TFC TVC TC AFC AVC ATC MC 0 $20 $ 0 $__ --- --- --- --- 1 ___ 27.5 ___ $__ $__ $__ $27.5 2 ___ 46.8 ___ ___ 23.4 ___ ___ 3 ___ 63.3 ___ ___ ___ ___ ___ 4 ___ 82.5 ___ 5.0 ___ ___ ___ 5 ___ 106.7 126.7 ___ ___ ___ ___ 6 ___ 139.7 ___ ___ ___ ___ ___ 7 ___ 181 ___ ___ ___ 28.7 ___ At what level of output do diminishing returns set in? How do you know?
One would expect to observe a diminishing marginal product of labor when crowded office space reduces the productivity of new workers
a. True b. False Indicate whether the statement is true or false
Cindy's Car Wash has average variable costs of $2 and average fixed costs of $3 when it produces 100 units of output (car washes). The firm's total cost is
a. $100. b. $200. c. $300. d. $500.