Suppose a technological innovation shifts the marginal cost curve downward. Which one of the following cost curves does NOT shift?
A) Firm's short-run supply curve
B) Average total cost curve
C) Average variable cost curve
D) Average fixed cost curve
D
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The marginal cost to the phone company of handling a long distance call is likely to be
A) higher the fewer such calls people make. B) higher the more the phone company has invested in equipment. C) substantially less than the price charged for the call. D) substantially more than the price charged for the call.
A union of all workers from a particular industry is a(n)
A) craft union. B) conglomerate union. C) industrial union. D) expansive union.
Problems with the federal government budget process include: a. tough choices to be made by Congress each year on which entitlement programs will receive full support. b. the constitutional requirement of Congress to balance the budget on an annual basis
c. an overly detailed budget that allows Congress to reward friends, thereby discouraging restraint on spending. d. a short review period for Congress that results in poor choices in funding programs. e. Congress having too much control over the budgetary process.
A newspaper headline reads: "Fed Cuts Federal Funds Rate for Fifth Time This Year." This headline indicates that the Federal Reserve is most likely trying to:
A. Reduce inflation in the economy B. Raise interest rates C. Ease monetary policy D. Tighten monetary policy