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Unformatted text preview: ECO 304K: INTRODUCTION TO MICROECONOMICS Unique # 33645, Fall 2009, Prof. Wiseman Quiz 4 Select the single best answer for each question. 1. When marginal costs are greater than average total costs, then: A. Average total costs are falling B. Average variable costs are falling C. Average total costs are rising D. Average fixed costs are rising 2. Thomas Malthus' prediction that the world was doomed to living on the brink of starvation failed to come true because: A. A larger fraction of the world's population is now employed in agriculture than when Malthus made his prediction B. Improving agricultural technology reduced the average total cost of food production, allowing people to eat more while expending fewer resources C. People discovered ways to survive on fewer calories D. The world's population stopped increasing and stabilized at a sustainable level 3. According to the Altman Weil Survey of Law Firm Economics, larger law practices (nine or more lawyers) almost always spend more per lawyer on staffing, occupancy, equipment, promotion, malpractice, other non-personnel insurance coverage,...
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- Spring '10
- Economics, Economics of production, Average cost