The diamond/water paradox is only true in theory, but no real-world examples have yet to be discovered.
Answer the following statement true (T) or false (F)
False
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According to real business cycle theory
A) monetary policy is driving business cycles. B) Federal Reserve actions need to be watched closely. C) technology shocks have a major role in business cycles. D) cash-in-advance is necessarily to explain business cycles.
In the early 1990s, economists became alarmed over the national debt because it
a. was larger than three months' GDP. b. was growing faster than GDP. c. had reached twice the size of GDP. d. was growing faster than private debt.
If marginal cost is ______ average cost, then average cost will _____.
A. equal to; decrease B. less than; increase C. greater than; decrease D. greater than; increase
Does the term "mandatory spending" mean that spending must go on forever?
A. Yes, once appropriated, spending is indefinite. B. No, once appropriated, spending is for the life of the program only or until it changes. C. Yes, the laws which authorized this spending cannot be changed. D. Yes, Congress has no right to change these spending programs.