The costs affecting decisions to supply goods and services are always
A) average costs.
B) costs not yet incurred.
C) sunk costs.
D) total costs.
E) unavoidable costs.
B
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An aggregate supply curve represents the relationship between the ________.
A. price level that producers are willing to accept and the price level buyers are willing to pay B. price level and the buying of real domestic output C. real domestic output bought and the real domestic output sold D. price level and the production of real domestic output
When automatic fiscal stabilizers are in place, a shock that causes a fall in the level of economic activity automatically
a. results in a decline in the federal budget deficit that lessens the fall in income. b. results in a rise in the federal deficit that lessens the fall in income. c. requires the federal government to balance the budget. d. will lead to a permanent increase in the budget deficit. e. both a and b
The finite nature of the economy's resource base:
A. will be solved if only we would learn to conserve. B. is only a problem in developing countries. C. will be solved as technology advances. D. will always be with us.
Always Round Tire has been in the tire business since 1963. It has several plants with different levels of technology. Over the years, the company has worked with its employees to figure out how to produce a tire for less. This incumbent advantage the firm has over potential newcomers is the
A. result of scale economies. B. effect of its learning curve. C. impact of licenses and patents. D. clear threat of using its excess capacity.