If the slope of the aggregate expenditure curve is 0.5, then the expenditure multiplier equals
A) 5. B) 0.5. C) 2. D) 3. E) 4.
C
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The business cycle describes
A) the change in the standard of living across countries. B) the change in potential GDP over time. C) the behavior of real GDP over time. D) the behavior of nominal GDP over time. E) the behavior of GNP over time.
The minimum efficient scale for a firm is the
a. lowest rate of output at which long-run average cost is at a minimum b. lowest rate of output at which short-run average total cost is at a minimum c. lowest rate of output at which short-run average variable cost is at a minimum d. average of the rates of output at which long-run average cost is at a minimum e. average of the rates of output at which short-run average total cost is at a minimum
Unit banks are:
A. more numerous in the United States than they were in previous decades. B. banks with no branches. C. commercial banks that have combined into one unit with an investment bank. D. no longer permitted to exist in the United States.
A strategy is called a mixed strategy if it involves choosing ________
A) one particular action for a situation B) different actions randomly C) an action that yields a higher payoff to the opponent D) an action that yields zero payoff to the player