Suppose that the only input used in the generation of solar energy is sunlight and has a zero cost. The average total cost of producing electricity is:
A. zero.
B. equal to the marginal cost.
C. equal to the average fixed cost.
D. immeasurably high.
Answer: C
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A model is used to explain economic behavior. Therefore
A) the assumptions must be complex while the model itself is simple. B) the model must be complex. C) the model must be simple. D) the model can be either simple or complex so long as it explains economic behavior.
Suppose the monopolist only sold the goods separately. What prices will the monopolist charge for Good 1 to maximize revenues for good 1?
a. $4,500 b. $5,000 c. $1,500 d. $1,000
When calculating GDP, ________ are added and ________ are subtracted.
A. exports; imports B. exports; net exports C. imports; net exports D. imports; exports
In the United States, the largest source of funds for public schools is
A) the consumption tax. B) the property tax. C) sales taxes. D) the federal income tax.