The higher the interest rate, the lower the present value.
Answer the following statement true (T) or false (F)
True
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Average total cost is equal to
A) average fixed cost + average variable cost. B) total cost รท quantity. C) the change in total cost when output changes by one unit. D) Answers A and B are correct. E) Answers A and C are correct.
If business firms do not have to generate revenues sufficient to cover their sunk costs, does anyone have to pay for mistaken decisions?
A) No, because sunk costs are irrelevant. B) No, because the past cannot be undone. C) Only if they value their integrity or credit standing. D) The entire economy ends up paying. E) Yes. The people who committed resources to mistaken decisions pay the costs.
Cyclical unemployment refers to unemployment resulting from:
a. a mismatch of skills. b. being in the wrong geographical location. c. the time and monetary cost of finding the best job. d. a recession.
What are productive resources? Give examples of each.
What will be an ideal response?