Bill is an accountant for a small machine shop. His boss has asked him to calculate the shop's total fixed cost. Which method will get Bill the correct answer?
a. c and d.
b. Calculating the product of average total cost and quantity
c. Determining what the shop would pay for if they produced zero output
d. Subtracting the total variable costs from the total costs
e. Subtracting total variable costs from total revenue
Question 2
Which of the following is most likely to happen if the aggregate demand curve for an economy (which was initially in equilibrium) shifts to the left?
a. The equilibrium real GDP will decrease.
b. The equilibrium price level in the economy will increase.
c. The aggregate supply curve will shift rightward.
d. The aggregate supply curve will shift leftward.
e. The economy will experience an expansion.
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