Setting concert ticket prices below their market clearing level replaces monetary with nonmonetary costs
Indicate whether the statement is true or false
T
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All economic questions arise from the fact that resources are scarce
Indicate whether the statement is true or false
Federal Reserve policy appears to be
A) more concerned with avoiding recession rather than preventing inflation. B) more concerned with preventing inflation rather than avoiding recession. C) equally concerned with avoiding recession and preventing inflation. D) motivated by whether inflation or recession is the current problem.
A group of friends recently started manufacturing specialty T-shirts. The business has grown rapidly, with monthly production up from 50 to 250 in the first 6 months. During this same period, average production cost has been cut in half
The firm's long-run average cost curve over this range of output A) is downward sloping. B) is upward sloping. C) is horizontal. D) may be any of the above.
Economic indexes whose upward and downward turning points generally precede the peaks and troughs of general business activity are known as
a. causal indicators. b. leading indicators. c. roughly preceding indicators. d. primary indicators.