Average cost for the firm in Table 8.1
A) cannot be determined from the information given.
B) is upward-sloping for all output values shown.
C) is constant for all output values shown.
D) is downward-sloping for all output values shown.
E) is U-shaped.
E
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At the point where actual inflation is equal to expected inflation,
A) the short-run Phillips curve intersects the long-run Phillips curve. B) the short-run Phillips curve is the same as the long-run Phillips curve. C) the unemployment rate is zero. D) there is no short-run Phillips curve, as this situation only occurs in the long run.
Explain whether the following are examples of externalities
a. Alisha did not sleep well because her neighbor was playing loud music. b. Rochelle was late for a job interview because her alarm did not go off. c. José, who is allergic to pollen, is sick from the flowers that grow in his garden.
The point price elasticity of demand for red herring is -4. The demand curve for red herring is: Q = 120 - P. What is the price of red herring?
A) $96 B) $80 C) $100 D) $120 E) none of the above
Discretionary fiscal policy entails
A. automatic changes in spending or taxes that occur as economic conditions change. B. changing government spending or tax policy to offset automatic stabilizers. C. legislative changes in spending or tax policies. D. actions exercised by the President alone in the United States.