Most empirical studies show that firms' long-run average cost curves:
A. are L-shaped.
B. are downward sloping.
C. are upward sloping.
D. are flat.
Answer: A
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When the price of a complement (cream) decreases, the demand for the related good (coffee)
A) will fall. B) remains constant. C) will shift outward. D) will shift inward.
The employment-to-population ratio in the U.S. is expected to decline as the baby boom generation retires
a. True b. False
Look at your dollar bill. Is it crisp and unmarred or old, wrinkled, and bent? The difference has much to do with the number of times that poor dollar has had to work during the year. Economists refer to that number as the
a. quantity theory of money b. velocity of money c. equation of exchange d. reproduction rate of money e. expenditure rate of money
Suppose that over the last year the price of copper increased from $1.70 a pound to $1.79 per pound. Over the same time a measure of the overall price level increased from 300 to 309 . The price of copper increased by
a. less than inflation, and this means it became relatively less scarce. b. less than inflation, and this means it became scarcer. c. more than inflation, and this means it became scarcer. d. more than inflation, but this doesn't necessarily mean that it become scarcer.