Deflation is a:
A. sustained fall in the aggregate price level.
B. sustained increase in the aggregate price level.
C. steady, unchanging aggregate price level.
D. steady fall in the exchange rate.
A. sustained fall in the aggregate price level.
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"Economic exploitation" is measured by:
a. the sum of all input costs, both direct and indirect. b. the difference between the value of output a worker adds and what she receives. c. the difference between a monopoly's profit and the profit of a competitive firm. d. the average wage of a skilled worker divided by the average wage of an unskilled worker.
Resources are efficiently allocated when production occurs at that output at which:
A. P equals MC. B. P equals MR. C. P exceeds MR. D. P equals AVC.
If there is an inverse relationship between two variables, the graph relating the two variables will be:
A. horizontal. B. upward-sloping. C. vertical. D. downward-sloping.
Suppose the cost of producing two goods, x and y, can be represented as C = ax + by + cxy. If there are diseconomies of scope, then which of the following must be TRUE?
A) a = b B) a + b = -c C) c > 0 D) c < 0