About one out of every ________ black children under the age of 18 is poor.
Fill in the blank(s) with the appropriate word(s).
three
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Why does unemployment not go to zero during booms?
What will be an ideal response?
If the government decides to spend an extra $4 billion on fighter jets that they would otherwise have spent on computers, and the MPC = 0.75, what is the effect on AD?
a. AD increases by $20 billion. b. AD increases by $16 billion. c. AD increases by $4 billion. d. AD does not change.
If there are no fixed costs in the long run, how can it be said that economies of scale arise from spreading fixed costs over more units of output?
A. Costs of quasi-fixed inputs get spread over more units of output which drives down average cost in the long run. B. Long-run average cost falls because all fixed costs are sunk. C. Average fixed costs decline continuously as output rises. D. Economies of scale is a short run phenomenon, and so diminishing returns is the root cause of scale economies.
Economic takeoff:
A. occurs when development becomes self-sustaining. B. will eventually occur in all developing countries. C. typically occurs in the absence of foreign investment. D. has yet to occur in any developing country.