Average total cost of producing 100 units of output is $5. If the marginal cost of producing the 101st unit is $4, then average total cost of 101 units is less than $5.
Answer the following statement true (T) or false (F)
True
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The demand curve for euros (in terms of U.S. dollars) is ________.
A. downward-sloping because, at lower dollar prices for euros, Americans will want to buy more European goods and services B. downward-sloping because the dollar price of euros and the euro price of dollars are directly related C. downward-sloping because, at higher dollar prices for euros, Americans will want to buy more European goods and services D. upward-sloping because a higher dollar price of euros makes European goods and services more attractive to Americans
Human capital refers to the
A) accumulated financial capital people have acquired. B) accumulated skill and knowledge of human beings. C) accumulation of money by human beings. D) accumulation of money and equipment used by human beings. E) accumulated equipment used by human beings.
The AD curve is the relationship between
A) aggregate planned expenditure and the price level. B) aggregate planned expenditure and real GDP when the price level is fixed. C) the quantity of real GDP demanded and the unemployment rate. D) aggregate planned expenditure and the quantity of real GDP demanded. E) the quantity of real GDP demanded and the quantity of real GDP supplied. The above figure shows a nation's consumption function.
Why does a collusive agreement to restrict output and raise price create a game like the prisoners' dilemma?
What will be an ideal response?