TFC=Total Fixed CostQ=Quantity of OutputMC=Marginal CostP=Product PriceTVC=Total Variable Cost Refer to the above information. Average total cost is:
A. 
.
B. TVC - MC.
C. 
.
D. 
.
Answer: C
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Better health allows people to work harder, which raises a country's total income. This indicates that in effect, better health
A) shifts out a country's production possibilities frontier. B) is a primary cause of price increases. C) increases consumer surplus. D) reduces the incentive to work.
Aggregate demand includes: a. the demand for intermediate goods and final goods
b. all monetary and nonmonetary transactions. c. the demand for investment, including stocks, bonds, and gold. d. the demand for final goods and services.
If the demand curve for agricultural products is elastic and farmers as a group become more productive, then prices of agricultural goods will __________ and total revenue earned by farmers will __________
A) decrease; increase B) decrease; decrease C) increase; increase D) increase; decrease E) We cannot answer this question without knowing how elastic the demand curve is.
A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:
Refer to the above table. Which of the following output-combinations is unattainable:
A. 1 steel and 80 wheat
B. 4 steel and 55 wheat
C. 30 wheat and 3 steel
D. 95 wheat and 0 steel