Planned aggregate expenditure is equal to
What will be an ideal response?
consumption spending plus planned investment spending plus government purchases plus net exports
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If a firm can adjust its employment of all inputs, then it is
a. experiencing economies of scale. b. in the long run. c. off its expansion path. d. limited only by the capacity of its fixed capital.
The slope of the total product curve always equals
A) the ratio of the marginal product and the average product. B) the change in input divided by the change in output. C) the average product of the input. D) the marginal product of the input.
The first claim on a corporation's after-tax profits is held by the
a. consumers b. managers c. stockholders d. bondholders e. government
Which of the following examples would use the three-step method?
a. Elena wants to determine what the marginal revenues are for her clothing store. b. Ivan wants to find out if his toy store is earning an economic profit. c. Jan wants to determine what the marginal costs are for his sports store. d. Zofia wants to find out if her thrift store is earning more total revenue than a competitor’s store.