Marginal cost
A) cuts average variable cost and average fixed cost at their lowest point.
B) cuts average variable cost and average total cost at their lowest point.
C) rises and then falls.
D) is the mirror image of marginal product.
B
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GDP includes the goods and services produced
A) within a country's borders by citizens and by non-citizens minus the production abroad by the country's citizens. B) within a country's borders by citizens and by non-citizens. C) by a country's legal citizens regardless of where in the world they are located. D) by a country's citizens but not by non-citizens within the country's borders. E) within a country's borders by citizens and non-citizens plus goods produced abroad by the country's citizens.
Income redistribution ________
A) creates an income distribution that is less equal than the market distribution B) is efficient because it makes the distribution of income more equal. C) eliminates the big tradeoff between rich and poor D) creates a deadweight loss