5. The minimum points of the average variable cost and average total cost curves occur where the a. marginal cost curve lies below the average variable cost and average total cost curves. b. slope of total cost is the smallest. c. average variable cost and average total cost curves intersect. d. marginal cost curve intersects those curves. 6. The Carters’ oldest son attends Big State University. He and his parents pay all his foes and tuition. These payments count in GDP as a. consumption of services. b. consumption of durable goods. c. government spending. d. investment 7. GDP is equal to a. the market value of all final goods and services produced within a country in a given period of time, b. Y. c. C+I+G+NX d. All of the above are correct. 8. If the use of a common resource is not regulated, a, it will tend to be underused. b. it will be overused. c. no one can enjoy it. d. property rights will be clearly defined.
Answer5.MC interesects AVC and AC at their minimum. Answer-D 6.Bills of tuition are included in consumption spending part of GDP as turion is a service. Answer-A 7.GDP is the aggregate of consumption, investment spending, government purchases and net exports.It is the final value of all goods and services produced in a given year. Answer-D 8.A common resource is overused if not regulated like hunting of an animal .