If a country that has experienced political instability (coups, revolutions, etc.) begins to experience a stable period of elections and peaceful transitions of government, it will impact its economy by
A. increasing aggregate supply.
B. increasing aggregate demand.
C. decreasing aggregate demand.
D. Increasing both aggregate demand and aggregate supply.
Answer: D
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External economies of scale will ________ average cost when output is ________ by ________
A) reduce; increased; the industry B) reduce; increased; a firm C) increase; increased; a firm D) increase; increased; the industry E) reduce; reduce; the industry
Marginal cost is calculated as:
A. the change in output divided by the change in total costs. B. the percentage change in total costs divided by the percentage change in output. C. the change in total cost divided by the change in output. D. total revenue minus total costs.
Since World War II, the share of total income going to the bottom 20 percent of U.S. households has
A. increased by 100 percent. B. remained constant. C. more than doubled. D. fallen.
In a ________ economy, the behavior of buyers and sellers determines what gets produced, how it is produced, and who gets it.
A. laissez-faire B. socialist C. utopian D. command