Which of the following is a long-run concept?
A. Fixed costs.
B. Diseconomies of scale.
C. Diminishing returns.
D. Diminishing marginal productivity.
Answer: B
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GDP is a good proxy for the business cycle itself since ________
A) its real consumption spending component is procyclical and coincident B) its real investment spending component is procyclical and coincident C) it typically goes up in a boom and down in a recession D) all of the above E) none of the above
The distribution of wealth is more unequal than the distribution of income because wealth reflects
a. persistent wage differentials between people of different abilities b. physical assets as opposed to financial assets c. unequal distribution of talents in the population d. unequal access to education e. the distribution of lifetime accumulated assets
The widespread historical use of gold or silver in transactions is an example of
a) barter b) commodity money c) fiat money d) credit e) paper money
When the U.S. debt-to-GDP ratio has fallen, it has generally been because:
A. the budget deficit rose. B. income rose. C. income fell. D. the budget deficit fell.