The negatively-sloped part of the long-run average total cost curve is due to which of the following?
A) Diseconomies of scale.
B) Diminishing returns.
C) The difficulties encountered in coordinating the many activities of a large firm.
D) The increase in productivity that results from specialization.
D
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Suppose the federal government had budget deficits of $40 billion in year 1 and $50 billion in year 2 but had budget surpluses of $20 billion in year 3 and $50 billion in year 4. Also assume that it used its budget surpluses to pay down the public debt. At the end of these four years, the federal government's public debt would have
A. decreased by $70 billion. B. decreased by $20 billion. C. increased by $90 billion. D. increased by $20 billion.
In the above figure, a perfectly competitive market will have a price of ________, and a single-price monopoly will have a price of ________
A) P1 and quantity of Q1; P2 and quantity of Q2 B) P2 and quantity of Q2; P1 and quantity of Q1 C) P3 and quantity of Q3; P1 and quantity of Q1 D) P2 and quantity of Q2; P3 and quantity of Q1 E) P2 and quantity of Q1; P1 and quantity of Q1
Which of the following would cause an increase in the velocity of money?
a. An increase in the use of credit cards b. An increase in the money supply c. An increase in the demand for money d. A decrease in the rate of interest e. A decrease in nominal GDP and a constant money supply
One of the roles of the Fed is to be the lender of last resort.
Answer the following statement true (T) or false (F)