Which of the following does NOT represent a possible shape of the long-run average cost curve?
A) downward sloping
B) upward sloping
C) U-shaped
D) vertical
D
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Assume that one laborer produces 6 units of output, two laborers produce 14 units, three laborers 22 units, four laborers 24 units, and five laborers 25 units. Diminishing returns set in when the firm hires:
a. the first laborer. b. the second laborer. c. the third laborer. d. the fourth laborer. e. the fifth laborer.
Lower interest rates on business loans usually result in a(n):
a. decrease in aggregate demand. b. decrease in aggregate supply. c. decrease in investment spending. d. increase in government spending. e. increase in aggregate expenditures.
Takeover bids (and the potential for such bids)
a. increase the incentive of corporate managers to perform efficiently. b. increase the likelihood that managers will be able to gain at the expense of stockholders. c. are more likely to occur when a company is producing efficiently and operating profitably. d. serve no useful economic purpose.
Suppose that there is a current account deficit of $250 billion and a financial account surplus of $250 billion. It can be concluded that the
A. overall balance of payments equals $500. B. overall balance of payments is balanced. C. overall balance of payments is more than $250. D. overall balance of payments is not balanced.