Union membership was relatively low during the Great Depression.
Answer the following statement true (T) or false (F)
True
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In the above figure, the economy is at point A when changes occur. If the new equilibrium has a price level of 100 and real GDP of $17.0 trillion, then it must be the case that
A) aggregate demand has decreased. B) aggregate supply has decreased. C) aggregate demand has increased. D) aggregate supply has increased.
A decreasing-cost industry has a downward-sloping
A) long-run average cost curve. B) long-run marginal cost curve. C) short-run average cost curve. D) short-run marginal cost curve. E) long-run industry supply curve.
Of the following, which best explains why Thomas Malthus was incorrect in his prediction that population would outstrip food supplies?
A) Malthus failed to realize that that human population would increase considerably. B) Malthus failed to recognize that economic growth is accompanied by smaller family sizes. C) Malthus incorrectly believed that economic growth would reduce birthrates. D) Malthus incorrectly predicted that modernization would increase the demand for children.
For firms that sell one product in a perfectly competitive market, average revenue is:
A. calculated by total revenue divided by total output. B. equal to marginal revenue. C. equal to the market price. D. All of these are true.