If short-run average total costs are rising in the oil tanker industry, it implies that economies of scale exist in that industry
a. True
b. False
Indicate whether the statement is true or false
True
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You paid $145 for an iPod Nano. The cash you sacrificed is a(n)
A) explicit cost. B) implicit cost. C) deferred cost. D) accrued cost.
Refer to Table 15-5. Suppose the table above illustrates the values of real and potential GDP and the price level if the Fed does not vote to change their current policy to be more contractionary or expansionary
Suppose that the Fed uses an appropriate policy and is successful in keeping real GDP at potential in 2017. State whether each of the following will be higher or lower than if the Fed had taken no action: a. Real GDP b. Potential real GDP c. The price level d. The unemployment rate
The President's statement that "to encourage economic growth, taxes should be cut"
A) would be an example of a normative statement. B) would be an example of a positive statement. C) would be an example of a microeconomic statement. D) would be a statement of mercantilist economic philosophy.
An example of moral hazard is
a. people drive as carefully in icy conditions with antilock brakes as without b. people drive less safely with more airbags as without c. football players avoid 'spearing' with their heads even with safer helmets d. people read the medicine warnings as carefully when self-medicating versus with a doctor's prescription