Refer to Figure 11-6. In the figure above which letter represents the average variable cost curve?
A) A B) B C) C D) D
C
You might also like to view...
In order to reduce inflationary pressure on the economy, what fiscal policy can the government use?
A) increase government expenditure on goods and services B) cut interest rates C) increase the quantity of money D) raise taxes E) cut taxes
The market supply of labor curve has a positive slope if higher wages induce households to choose
A) leisure rather than supplying labor in the labor market. B) supplying labor in the labor market rather than leisure. C) demanding labor rather than supplying it. D) None of the above answers is correct.
The simple multiplier formula assumes the following, except:
A. The economy has excess capacity and room to expand output B. Firms will raise prices as buyers buy more of their output C. People will spend more if they earn additional income D. Business firms will increase production if demand for their output increases
The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0The economy experienced a recession that lasted from:
A. July 1953 to April 1957. B. May 1954 to April 1958. C. May 1954 to April 1957. D. July 1953 to May 1954.