The total fixed cost curve:
a. varies with the quantity of inputs used.
b. decreases with output.
c. increases with output.
d. remains constant regardless of output.
d
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When real Gross Domestic Product (GDP) exceeds total planned real expenditures,
A) a higher level of equilibrium real Gross Domestic Product (GDP) will prevail. B) the circular flow will increase. C) a lower level of equilibrium real Gross Domestic Product (GDP) will result. D) there will be unplanned decreases in inventories.
If Canada imports fishing poles from Mexico and Mexico imports bacon from Canada, which of the following would explain this pattern of trade?
A) The opportunity cost of producing fishing poles in Canada is higher than the opportunity cost of producing bacon in Mexico. B) Mexico has a higher opportunity cost of producing fishing poles than Canada, and Canada has a higher opportunity cost of producing bacon. C) Mexico must have an absolute advantage in producing fishing poles and Canada must have an absolute advantage in bacon. D) Mexico has a lower opportunity cost of producing bacon than Canada and Mexico has a comparative advantage in producing fishing poles.