Which of the following statements about supply curves is CORRECT? I. A supply curve also can be a marginal cost curve. II. A supply curve tells the quantity of other goods and services that sellers must give up to produce another unit of the good
A) I only
B) II only
C) both I and II
D) neither I nor II
C
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Refer to the scenario above. What will be the capital stock in the economy in the current year, if the capital stock in the last year was $1,000?
A) $1,400 B) $1,200 C) $1,600 D) $1,800
Countries have trade surpluses when they export more than they import
Indicate whether the statement is true or false
Fixed costs of entry create an advantage for potential entrants since incumbents have already made these expenditures while potential entrants can avoid these costs
Indicate whether the statement is true or false