Econ 200

29 terms by Rozelynn213 

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When U.S. assets are more attractive to foreign investors the demand for for dollars?

Increases and the dollar value of foreign currency falls.

A decrease in the US demand for foreign assets would be expected to decrease the:

demand for foreign currency and a decrease in the equilibrium value of foreign current

If $0.0146 trades for 1 peso, then the cost of one dollar in pesos is approximately:

9.56 pesos

An increase in the number of American taking vacations in Mexico would be expected to increase the value of the peso.

True

Marginal product is?

How much additional output will be come

Average product?

Total output / number of workers

All inputs are variable?

long run

Some inputs are fixed

short run

Short run decisions are?

constrained because some inputs are fixed while others are variable

Which of the following is and example of a short-run decision?

An auto mobile manufacturing company is considering whether or not to expand its existing workforce

Which of the following is an example of a long-run decision?

An automobile manufacturing company is considering whether or not to invest in robotic equipment to develop a more cost effective production technique

Which of the following costs is independent of ouput?

fixed cost

Total cost is?

the sum of variable cost and fixed cost

In the short run, average variable cost equal:

average total cost less average fixed cost

The minimum point of the average variable cost curve is reached at the output level at which:

average product is maximized

In the long run all inputs are variable in the short run some inputs are fixed.

True

Fixed costs remain the same regardless of the level of production.

True

If average fixed cost is $2 and average variable cost is $3, then total cost is $5

True

When average total cost is rising, the marginal cost curve must be above the average total cost curve

True

If marginal costs are rising , then average total costs are rising

True

The vertical distance between the average total cost and average variable costs curves falls as output rises

True

The increase in output obtained by hiring an additional worker is known as

the marginal product

output per worker is also called

average product

what kind of costs remain the same regardless of the level of production?

fixed

Variable costs?

change as output changes

Fixed costs plus variable costs equal:

total costs

Average variable cost is variable cost:

divided by output

The U shape of the average total cost curve reflects the fact that:

average productivity rises and then falls

The average variable cost curve is a mirror image of the:

average product curve

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