The minimum efficient scale is the output at which the long-run average cost curve becomes horizontal.
Answer the following statement true (T) or false (F)
False
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Governments usually provide national defense from tax funds because
A) everyone wants national defense. B) national defense benefits everyone. C) more security is better than less. D) it is hard to supply national defense exclusively to the people who willingly pay for it.
The measure used to determine whether two products are substitutes or complements is called
A. price elasticity of demand. B. income elasticity of demand. C. cross elasticity of demand. D. inverse elasticity of demand.
The nation of Hyperbole is in a recession, and the government decides to increase taxes and reduce government spending to reduce the growing deficit. This will ________ aggregate demand and will likely ________ real GDP and employment
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase
According to the text application on bottled water,
a. China is the largest consumer of bottled water worldwide b. bottled water is regulated by the rulings of the Safe Drinking Water Act c. bottled water is not regulated in the United States d. none of the above