In the above figure, what is the AVERAGE total cost of producing 10 units of output?

The government of country A has decided to maintain an exchange rate of 1 unit of its currency for 6 U.S. dollars in the long run. Country A can be said to have a:

A) managed exchange rate system. B) fully flexible exchange rate system. C) nominal exchange rate system. D) fixed exchange rate system.

In the classical model, if money growth and velocity are constant, then:

a. the price level will rise at the rate of output growth. b. the price level will be constant. c. the price level will fall at the rate of output growth. d. none of the above.