Average total cost is equal to
A) average fixed cost minus average variable cost.
B) total cost divided by the level of output.
C) marginal cost plus variable cost.
D) total cost divided by the number of workers.
Answer: B
Economics
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The differences in the ratios of exports to GDP across countries are believed to be caused primarily by
A) trade barriers. B) each country's size. C) monetary policy. D) fiscal policy. E) inflation in the domestic country.
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According to the purchasing power parity, if the price level in the US rises relative to Mexico
a. The dollar will appreciate relative to the peso b. The dollar will depreciate relative to the peso c. There is no effect on either currency d. None of the above
Economics