In the above figure, if this firm produces output level Q2, it has average total costs of
A. OF.
B. OE.
C. OD.
D. OC.
Answer: C
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The aggregate expenditure model focuses on the short-run relationship between ________ and ________
A) unemployment; inflation B) planned inventories; unplanned inventories C) real spending; real GDP D) nominal spending; nominal GDP
An effective way to restore credibility to monetary authorities after a period of hyperinflation is
A) the introduction of a new monetary unit. B) the introduction of wage and price controls. C) a reduction in bank reserve requirements. D) the centralization of monetary and fiscal policy under a single governmental unit.
Turnover taxes are inefficient because _____
a. they are easy to avoid b. they violate the ability-to-pay principle c. they violate the benefit principle d. they tax the same good multiple times
As imports rose in 13 major industries studied by Shepherd, these U.S. producers, finding themselves at a cost and quality disadvantage relative to imported goods, initially responded by
a. improving technology b. exiting the industry c. seeking trade barriers d. asking that quotas and tariffs be removed e. raising prices to recoup their losses