________ is the average cost of producing each unit of output.
A. Average variable cost
B. Marginal cost
C. Average total cost
D. Average fixed cost
Answer: C
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During an above-full-employment equilibrium, actual GDP is greater than potential GDP
Indicate whether the statement is true or false
Private disposable income equals GDP ________
A) minus corporate profits and net factor income B) plus transfer payments and net exports C) plus depreciation, transfer payments, and interest payments on government debt D) plus net factor income minus net government income E) none of the above
If women are prohibited or discouraged from attending school but men are allowed to attend, this is an example of
A. A gender gap. B. A redistribution of capital. C. An inequality trap. D. A human capital gap.
Which statement is true?
A. Our money supply is fixed by law and can be raised by only a very small percentage each year. B. Our money supply is backed by gold. C. Credit cards are a form of money. D. Money makes an excellent store of value during times of inflation. E. One of the basic jobs of money is a standard of value.