Sometimes what we think is a collective consumption good only has those characteristics because of _____
a. high fixed costs.
b. private production
c. economies of scale
d. government production
d
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
A price ceiling in the market for gasoline that is below the equilibrium price will lead to
A) the quantity demanded of gasoline exceeding the quantity supplied. B) an increase in the demand for gasoline. C) a decrease in the supply of gasoline. D) the quantity supplied of gasoline exceeding the quantity demanded. E) no change in the market since the price ceiling is below the equilibrium price.
What happens when the Fed sells government bonds?
A) The money supply tends to rise. B) The money supply tends to remain unchanged. C) The money supply tends to fall. D) The U.S. budget deficit necessarily rises.
Diminishing marginal returns are the reason why some industries have positively-sloped long-run average cost curves
a. True. b. False.