An example of variable costs is
A. interest on loans for equipment.
B. hourly labor.
C. insurance premiums to protect assets.
D. rent on the building a business occupies.
Answer: B
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Marginal cost indicates how much total cost increases if one more unit is produced or how much total cost drops if production declines by one unit
a. True b. False
The lessons of the Japanese recovery were most successfully repeated by
a. the Soviet Union. b. Argentina and Brazil. c. Taiwan, Singapore, and Hong Kong. d. Bulgaria and Romania.
Specialization and trade allow an economy to expand its:
A. production possibilities. B. consumption possibilities. C. technological advantage. D. absolute advantage.
Are currency and checkable deposits owned by the government (U.S. Treasury) and the Federal Reserve Bank, commercial banks, and other financial institutions part of the money supply? Explain.
What will be an ideal response?