Which of the following statements regarding the relationship between average and marginal costs is INCORRECT?
A) There is always a definite relationship between average and marginal cost.
B) When marginal costs are less than average costs, the latter must fall.
C) When marginal costs are greater than average costs, the latter must rise.
D) There is no way for average variable costs to fall when marginal costs are falling.
Answer: D
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Which of the following is TRUE?
A) Russia is more dependent of international trade than Brazil. B) Exports and imports are rising more slowly than GDP in the BRIC countries. C) China was the last of the BRICs to start economic reforms. D) All of the BRIC countries had to transition from socialist or communist systems.
A single payer system in the United States would
A. likely fail because no other nations have tried it. B. decrease availability of health care services to those who are currently uninsured. C. likely increase the waiting time for certain procedures. D. necessitate a tax cut.