Consider the budget line labeled RT in the above figure. What would shift the budget line to RS?
A) a rise in the price of good X
B) a fall in the price of good X
C) a rise in the price of good Y
D) a fall in the price of good Y
B
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When the Federal Reserve increases the money supply, people spend more because they now have more money
Indicate whether the statement is true or false
A rise in stock prices leads to ________
A) an increase in income B) an increase in Tobin's q C) a decrease in Tobin's q D) a decrease in income
________________ is defined as the application of the scientific method and materials to achieve objectives. Another definition is knowledge systematically applied to useful purposes
a. History b. The 4C Concept c. Technology d. Engineering
Over all levels of output, if a firm's long-run average cost curve declines as output increases, then
A. small firms and large firms will have identical average costs. B. there should be a large number of firms in the industry. C. there should be only one firm in the industry. D. small firms would have lower average costs of production than large firms.