The increasing cost in the law of increasing cost is a(n) ____________ cost.
A. average
B. fixed
C. opportunity
D. declining
C. opportunity
You might also like to view...
A decrease in aggregate demand in the economy will have what effect on macroeconomic equilibrium in the long run?
A) The price level will fall, and the level of GDP will be unaffected. B) The price level will rise, and the level of GDP will be unaffected. C) The price level will rise, and the level of GDP will fall. D) The price level will fall, and the level of GDP will fall.
The money, time, and opportunity used to change prices to keep pace with inflation are called:
A. menu costs. B. shoe-leather costs. C. tax distortions. D. the velocity of inflation.
During the decade of the 1980s our Lorenz curve
A. moved inward, toward the line of perfect equality. B. moved outward, away from the line of perfect equality. C. stayed about the same distance from the line of perfect equality. D. crossed the line of perfect equality.
The phantom unemployed are
A. Discouraged and cause the unemployment statistic to understate the level of unemployment. B. Not part of the labor force because they do not desire to work. C. Unemployed and cause the unemployment statistic to overstate the level of unemployment. D. Classified as cyclically unemployed.