China's economy did not decline at all during its transition from communism to capitalism
Indicate whether the statement is true or false
TRUE
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Use the following graph for a competitive market to answer the question below.
For a price floor to be effective and alter the market situation, it must be set
A. at $15. B. below $15. C. at $10. D. above $15.
Suppose a university refunds students 75% of their tuition if they drop out before the third week of class, 50% if they drop out between their third and fifth week, 25% if they drop out between their sixth and eighth week, and 0% after the eighth
week. Flint paid $1,000 tuition, and is in his fourth week of class. What's his sunk cost? A) $0 B) $250 C) $500 D) $750 E) $1,000
When a firm's fixed cost rises, its total profit curve shifts
a. up at every output level. b. down at every output level. c. left at every profit level. d. right at every profit level.