Simple majority rule will almost always generate efficient outcomes
Indicate whether the statement is true or false
False
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The average product curve
A) initially falls then rises. B) rises as average variable cost increases. C) initially rises and then falls. D) shows how productivity changes as output changes. E) intersects the marginal cost curve when the average product curve is at its maximum.
Media reports often suggest that the increasing public debt is a burden on future generations. What they mean is that
A) it reduces the current level of investment. B) it makes predicting future unemployment levels unpredictable. C) it causes deflation. D) it reduces both nominal and real interest rates.
There have been no major banking panics in the U.S. since the creation of the Federal Reserve System
a. True b. False
The fact that total wealth is fixed at any point in time is referred to as the
a. budget constraint. b. wealth constraint. c. wealth effect. d. hard asset effect. e. income effect.