In the long run when average total cost does not depend on the quantity of output, this is called:
A. economies of scale.
B. diseconomies of scale.
C. constant economies to scale.
D. minimum average total cost.
C. constant economies to scale.
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If the quantity of money supplied ________ the quantity demanded, in the long run the value of money ________
A) is less than; does not change unless the Fed increases the money supply B) exceeds; falls as people spend their surplus money C) is less than; falls as people spend their surplus money D) exceeds; rises as people buy bonds E) equals; equals zero
If the consumption function is defined as C = 7,250 + 0.8Y, what is the marginal propensity to save?
A) 0.2 B) 0.8 C) 5.8 D) 7.25
When MR a. Demand is flat
b. Demand is upright
c. Demand is elastic
d. Demand is inelastic
If the actual rate of inflation turns out to be higher than the expected rate of inflation, what happens to the growth rate of output before expectations are updated?
What will be an ideal response?