The costs incurred even when no output is produced are called
A) fixed costs.
B) variable costs.
C) external costs.
D) marginal costs.
A
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Classifying a good as rival means
A) that when one person consumes a unit of the good no one else can consume it. B) anyone who does not pay for the good cannot consume it. C) that the good is produced in a competitive market. D) that there is a shortage of the good.
From 2002 to 2011, the average unemployment rate in the United States
A) was higher than the average unemployment rates in most high-income European countries. B) and the average unemployment rates in other high-income countries varied significantly. C) was roughly the same as the average unemployment rates in other high-income countries. D) was the lowest of all high-income countries.
Keynesians
A. believe capitalism is inherently stable. B. believe the markets in a capitalistic economy are highly competitive. C. argue against the use of discretionary monetary policy. D. contend that government intervention in the economy is desirable.
According to the Ricardian equivalence proposition, current deficits
A. will affect national saving but not consumption. B. will affect consumption but not national saving. C. will affect both consumption and national saving. D. will not affect consumption or national saving.