If marginal cost is above average cost, average cost must be rising.
Answer the following statement true (T) or false (F)
True
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Economists who have studied the Phillips curve have concluded that it can shift due to all of the following EXCEPT
A) demand shocks. B) supply shocks. C) changes in household expectations of inflation. D) changes in firms' expectations of inflation.
Punitive damages in medical malpractice cases
a. ensure that successful plaintiffs receive full compensation for their losses. b. serve the same purpose as criminal & civil penalties, such as jail sentences & fines. c. redistribute income from defendants to successful plaintiffs. d. ensure that the cost of risk avoidance falls on providers. e. fully compensate victims for their losses.
The income-expenditure multiplier arises because one person's additional spending becomes another person's additional income that will generate additional:
A. cyclical unemployment. B. spending. C. autonomous expenditure. D. menu costs.
If the dollar rose by 35% relative to other currencies, our current account deficit would
A. rise sharply. B. rise slightly. C. not be affected. D. fall slightly.