Which of the four types of economic decision makers is most important?
a. firms, because they produce all goods and services in the economy
b. households, because they demand goods and services and supply resources
c. government, because it ultimately sets and enforces the "rules of the game"
d. government, because it steps in when there is market failure
e. the rest of the world, because there are over 150 countries
B
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In contrast with nominal GDP, real GDP refers to nominal GDP
a. minus exports. b. minus personal income taxes. c. corrected for price changes. d. corrected for depreciation.
If fixed cost at quantity (Q) = 100 is $130, then
a. fixed cost at Q = 0 is $0. b. fixed cost at Q = 0 is less than $130. c. fixed cost at Q = 200 is $260. d. fixed cost at Q = 200 is $130. e. it is impossible to calculate fixed costs at any other quantity.