The ________ at which a firm's long run average cost curve is at its minimum is called the minimum efficient scale.
A. average plant size
B. largest industry size
C. largest plant size
D. smallest plant size
Answer: D
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Which market structure is characterized by many sellers, easy entry, and homogeneous products
a. perfect competition b. monopolistic competition c. oligopoly d. monopoly
The part of a business cycle that follows a peak is the:
a. trough phase of the cycle. b. break-even point of the cycle. c. peak period of the cycle. d. recessionary phase of the cycle. e. expansionary phase of the cycle.
Which of the following best describes what is meant by automatic stabilization policies?
A. policies that automatically help boost the economy when heading into an economic upturn B. policies that require the direct action of the movement of the economy C. policies that tend to dampen increases in aggregate demand during expansion and stimulate aggregate demand during recession without the requirement of political voting D. any policy that acts on fiscal matters to improve economic performance