The ratio of the total shift in aggregate demand to the initial shift in aggregate demand is known as the multiplier.
Answer the following statement true (T) or false (F)
True
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If a model's predictions are correct, then
A) its assumptions must have been correct. B) it is proven to be correct. C) Both A and B above. D) None of the above.
Economic profit is:
a. always less than zero. b. never less than accounting profit. c. less than accounting profit if implicit costs are zero. d. less than accounting profit if implicit costs are greater than zero.
A natural monopoly has a. constant average costs cost over the relevant range of output. b. economies of scale over the relevant range of output
c. constant returns to scale over the relevant range of output. d. diseconomies of scale over the relevant range of output.
European banks began with which of the following?
a. Churches were the first bankers, lending out cash to help the poor learn a craft. b. Monarchs were the first bankers, lending out cash to help the poor learn a craft. c. Goldsmiths were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money. d. Fishermen were the first bankers, and the paper receipts they issued for fish they stored in the holds of their ships became valued as money.