What is the difference between between total costs, variable costs, and fixed costs?
What will be an ideal response?
Total costs are the costs of all inputs a firm uses in production. Variable costs are costs that change as output changes. Fixed costs are costs that remain constant as output changes. Total cost is equal to the sum of variable costs and fixed costs.
Economics
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Refer to Table 21-2. Using the table above, what is the approximate growth rate of real GDP from 2014 to 2015?
A) 1% B) 2% C) 3% D) 4%
Economics
Which of the following is an appropriate discretionary fiscal policy if equilibrium real GDP falls below potential real GDP?
A) an increase in the supply of money B) an increase in individual income taxes C) a decrease in transfer payments D) an increase in government purchases
Economics