Refer to the above figure. The above figure shows the cost structure of a firm producing an information product. Which curve represents average total cost?
A) Any of the 3 could be ATC.
B) Curve 1
C) Curve 2
D) Curve 3
B
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The Fed has attempted to solve the problems of being unable to directly control the variables that determine economic performance and the timing lags in observing and reacting to economic fluctuations by
A) pressing Congress for legislation which would expand its powers. B) using targets to meet its goals. C) abandoning some goals in order to achieve others. D) devising new monetary policy tools.
The unemployment rate is equal to
a. the number unemployed divided by the labor force. b. the number unemployed divided by the population. c. the number unemployed divided by the number employed. d. the labor force divided by the population.
Which of the following changes a firm's production function?
A) hiring additional workers B) acquiring additional physical capital C) adding a second production facility exactly like its first production site D) adopting new technology
In the short run with fixed prices, an increase in investment of $100 billion...
a) increases real GDP by $100 billion b) increases real GDP by less than $100 billion c) increases real GDP by more than $100 billion d) decreases real GDP by $100 billion because of the decrease in induced expenditures