Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential
B. higher; higher
C. lower; higher
D. higher; potential
Answer: D
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In a world with saving, making an income tax a consumption tax would require the tax base to be _____
a. income b. income minus savings c. consumption plus investment d. comprehensive
Khalil closes his ice cream stand for two days to attend a wedding. As a result, he can reasonably expect his firm’s short-run ______.
a. fixed costs to increase b. marginal costs to decrease c. total cost to increase d. variable costs to decrease
Refer to the above table (all figures in millions). Which country experienced the greatest economic growth from 2019 to 2020?
A. A B. B C. C D. D
When demand is perfectly elastic, marginal revenue is
A) zero. B) equal to price. C) declining. D) increasing.