Since the 1970s, union membership in the U.S. has been
A) rising.
B) remaining constant.
C) declining.
D) erratic.
C
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Marginal cost:
A. is calculated as change in total cost divided by change in total output. B. is calculated as change in total output divided by change in total cost. C. increases then decreases, as output increases, to reflect marginal product. D. None of these is true.
Bob Edwards owns a bagel shop. Bob hires an economist who assesses the shape of the bagel shop's average total cost (ATC) curve as a function of the number of bagels produced. The results indicate a U-shaped average total cost curve. Bob's economist
explains that ATC is U-shaped for two reasons. The first is the existence of diminishing marginal product, which causes it to rise. What would be the second reason? Assume that the marginal cost curve is linear. (Hint: The second reason relates to average fixed cost)
The monetarists' prescription for monetary policy is called the "monetary rule." The monetary rule means that
A. monetary policy does not have an impact on the economy until 6 to 9 months after the money supply is changed. B. expansionary fiscal policy should be accompanied by an easy monetary policy. C. the annual rate of increase in the money supply should be equal to the long-term increase in the price level. D. the rate of increase in the money supply should be slow and steady; for price stability it should equal the potential annual growth rate of real GDP.
What is a brief definition of economics? What are the conditions that give rise to this definition?
Please provide the best answer for the statement.