The saving function shows the relationship between planned real saving and
A) real wealth.
B) real disposable income.
C) the average propensity to save.
D) the marginal propensity to save.
B
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If a short-run fixed cost is sunk, then
A) losses can be minimized by shutting down. B) the firm should keep producing to cover the sunk cost. C) the cost cannot be avoided by shutting down. D) Both B and C.
Choosing to have your clothes laundered instead of starching and ironing them yourself because it takes you an hour to iron shirts because you can do many other things in a hour more productively is an example of:
a. Sunk Cost b. Time Value of Money c. Law of Comparative Advantage d. Law of Supply and Demand
The economic expansion which began in 1933 was due to
A. the fact that business had hit bottom and was ready to rebound. B. The efforts of the Roosevelt Administration to stimulate the economy. C. Both the efforts of the Roosevelt Administration and the readiness of business to rebound. D. Neither the efforts of the Roosevelt Administration nor the readiness of business to rebound.
________ is a cost that changes with the quantity produced by the firm and is incurred by the firm in the short run.
A. Fixed cost B. Economic cost C. Variable cost D. Average total cost