Average costs_____ initially due to the presence of fixed costs and then _____due to increasing marginal costs
a. rise; rise
b. rise; fall
c. fall; rise
d. fall; fall
c
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What is a government's budget constraint in the long run as opposed to a given time period?
What will be an ideal response?
Which of the following will cause an inward shift in the demand for steaks at a restaurant?
a. A report by the American Medical Association states that the consumption of steak reduces the risk of cardiovascular disease b. A 50 percent reduction in the price of steaks c. A double-digit increase in the price of chicken d. A recession leading to a significant fall in the income levels of consumers e. The expectation that the price of steaks will double within two months
The most important automatic stabilizer is: a. open market operations
b. the unemployment compensation system. c. the tax system. d. the welfare system.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.