Economic growth is a sustained expansion of production possibilities, as measured by the increase in ________ over time
A) population
B) inflation
C) the price level
D) real GDP
E) employment
D
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A competitive firm's long-run supply curve is
a. horizontal at the firm's break-even price. b. steeper than its long-run marginal cost curve. c. identical to its long-run average cost curve. d. more elastic than its short-run supply curve.
Macroeconomics involves the study of the decision-making of individual firms or individuals
Indicate whether the statement is true or false
Which of the following is true?
A) Local governments cannot collect taxes in the U.S. B) Only state governments can collect taxes in the U.S. C) Only the federal government can collect taxes in the U.S. D) The central as well as the local governments collect taxes in the U.S.
If a firm doubles its resources and generates an output level which is more than double, it is said to be experiencing:
a. economic fluctuations. b. recession. c. diseconomies of scale. d. increasing marginal returns to a factor. e. economies of scale.