Variable costs are:
A. costs that depend on the quantity of output produced.
B. costs that don't depend on the quantity of output produced.
C. one-time costs.
D. None of these is true.
Answer: A
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In 1973 the Russian wheat crop failed and the Soviet Union made massive purchases of American wheat. Which statement is a result of this action?
A. The demand for farm labor and farmland was driven down in the United States. B. There was no effect on the demand for farm labor and farmland in the United States. C. The demand for farm labor and farmland was driven up in the United States. D. None of these statements are true.
Money is functioning as a store of value when you
A. Save your cash to pay for tuition next semester. B. Pay your tuition in installments rather than all at one time. C. Take out a student loan to buy books. D. Use it to compare the cost of tuition 10 years ago to the cost today.