If a firm increases its output level by 50 percent and, as a result, long-run total cost rises by 40 percent, the firm is experiencing
a. diseconomies of scale
b. constant returns to scale
c. economies of scale
d. increasing marginal returns
e. diminishing marginal returns
C
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Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in Argentina is
A) 2 gallons of wine. B) 3 gallons of wine. C) 0.5 gallons of wine. D) 0.33 gallons of wine.
Using the aggregate demand and supply model, expansionary fiscal policy will not affect the price level, but will restore full-employment GDP
a. True b. False Indicate whether the statement is true or false
The opportunity cost of attending a college basketball game tonight would increase if: a. Your friend offers to pay you more for your ticket, because he really wants to go
b. Your favorite player on the teams is injured and will not play tonight. c. Your economics TA decides to offer a review session, for which attendance will count 10% of your course grade, at the same time as the game d. Either a. or c. occurs
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.