Nominal GDP measures output of final goods and services in physical terms
a. True
b. False
Indicate whether the statement is true or false
False
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If there are diseconomies of scale within a given range of output, which of following is(are) TRUE?
A) The short-run average cost curve must be upward sloping within that range of output. B) The long-run average cost curve must be upward sloping within that range of output. C) Long-run average cost must equal short-run average cost. D) All of the above.
If the current margin is greater than the desired margin, the firm should
a. Increase price b. Decrease price c. Not change the price d. Marginal revenue and marginal cost are both zero
What do property rights usually depend on?
The agricultural price support program in the United States has resulted in:
A. Declining average farm income B. Surpluses of price-supported farm commodities C. Shortages of price-supported farm commodities D. A gradual migration of people from farms to cities