The creation of a new agricultural policy that includes target pricing occurred during which decade?
a. 1930s
b. 1940s
c. 1970s
d. 1980s
e. 1950s
C
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If the total cost of producing 20 units of output is $1,000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
A) $65 B) $50 C) $15 D) It is impossible to determine without additional information.
A decrease in demand will increase total revenue: a. Always
b. Only if supply is relatively inelastic. c. Only if supply is relatively elastic. d. Never.
A common tool for restricting trade through taxation is:
A. immigration restrictions. B. a tariff. C. quota. D. international waters use policies.
Which of the following has a production process that would be considered capital intensive?
A. Auto manufacturing B. A chorale C. Serving food at a restaurant. D. Police detective work