Marginal, average, and total figures are bound together. If any two are known, the third can be calculated.
Answer the following statement true (T) or false (F)
True
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Over a ten year period, the monthly charge for cellular phone service decreased from $120 per month to $30 per month. At the same time, the number of subscribers increased from less than 10 million to more than 75 million. Which of the following provides the best explanation for these changes?
a. An increase in consumer income over this ten year period b. A reduction in the price of residential phone service, a substitute for cellular phone service c. An increase in the wages of workers in the cellular phone industry d. Technological improvements that reduced the cost of supplying cellular phone service
If inflation is the most significant issue in the economy, an appropriate fiscal policy response would be to decrease taxation
a. True b. False Indicate whether the statement is true or false
Which of the following was a country that ran large deficits in the mid-1990s and plunged into deep recession in 1997 and 1998 when foreign investors became concerned about the health of these economies and quickly pulled their money out of stock and bond markets, real estate, and banks?
a. North Korea b. Argentina c. Malaysia d. India
What is the difference between a business cycle and the day-to-day ups and downs of the market?
What will be an ideal response?