Which of the following algebraic expressions is inaccurate?
A. TC=TVC+TFC
B. ATC=AFC-AVC
C. AFC=ATC-AVC
D. MC=TC(Q)-TC(Q-1)
Answer: B
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Which of the following is a common method used by government to cope with the situation in which production of a good creates an external cost?
A) removing property rights B) subsidizing production C) marketable permits D) lottery E) vouchers
According to PPP, the real exchange rate between two countries will always equal
A) 0.0. B) 0.5. C) 1.0. D) 1.5.
Which of the following is not true? a. Collusion is relatively rare, in part because it is illegal in many countries
b. Collusion is relatively rare, even though members find it easy to agree on key decisions. c. Collusion is relatively rare, in part because members frequently have an incentive to cheat on the cartel. d. Collusion is harder to maintain when differentiated products are involved, which introduce many ways to undercut a collusive agreement.
Cattle served as money, first for the Romans, then for the Greeks
Indicate whether the statement is true or false