Government economic policies are designed to have the biggest impact on _____
a. cyclical unemployment
b. frictional unemployment
c. structural unemployment
d. seasonal unemployment
a
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The difference between the values of final production and value of the inputs is called:
a.? ?The gross product of the final goods and services b.? ?The value added of the final goods and services c.? ?The profit of the final goods and services d.? ?The surplus of the final goods and service
The phrase "spreading the overhead" refers to
A. the decrease in total cost that occurs as a firm reduces the size of its work force. B. the decrease in average fixed cost that occurs as a firm increases its output. C. the decrease in average variable cost that occurs as a firm increases its output. D. the decrease in total fixed cost that occurs as a firm increases its output.
As cities prospered and per-capita incomes increased, the demand for bus travel diminished. This suggests that:
A. cities could raise revenue by increasing bus fares. B. the demand for bus travel is price elastic. C. bus travel and automobile travel are complements. D. bus travel is an inferior good.
A firm scaled down its operation by reducing all inputs by 50% and experienced a less-than-50% decrease in output. If all input prices remain unchanged, the firm's long-run average cost exhibits:
A. economies of scale at the current output level. B. diseconomies of scale at the current output level. C. a constant long-run average cost at the current output level. D. diminishing marginal returns at the current output level.