When the long-run average total cost curve is horizontal, a firm has economies of scale.
Answer the following statement true (T) or false (F)
False
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To implement the Friedman rule for long-term monetary policy, the monetary authority would need to set the
A) inflation rate equal to zero. B) nominal rate of interest equal to zero. C) real rate of interest equal to zero. D) money growth rate equal to zero.
A society is saving lives (productively) efficiently if
a. there are no unemployed resources in the health care sector b. there are no unemployed resources anywhere in the economy c. there is no way to save more lives d. there is no way to save more lives without sacrificing some other goods or services e. the opportunity cost of saving one more life is zero
In calculating the GDP national income accountants:
a) treat inventory changes as an adjustment to personal consumption expenditures. b) ignore inventories because they do not represent final goods. c) subtract increases in inventories or add decreases in inventories. d) add increases in inventories or subtract decreases in inventories.
Congress passed and the president signed deficit reduction packages of over $400 billion in the years ______ and ______.
Fill in the blank(s) with the appropriate word(s).