Average fixed costs:
A. always trend downward as output increases.
B. always trend upward as output increases.
C. are a constant, regardless of quantity of output.
D. are a vertical line.
A. always trend downward as output increases.
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Refer to Figure 2-1. ________ is (are) inefficient in that not all resources are being used
A) Point A B) Point B C) Point C D) Points A and C
___________ is a process rather than an end-state, beginning with an unsatisfied need that creates tension or direction
a. Expertise b. Motivation c. Resilience d. Challenge
The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have
a. An inelastic demand b. An elastic demand c. A demand curve that is upward sloping d. Unitary elastic demand curve
During a recession, which of the following will be true?
a. The actual rate of unemployment will be lower than the natural rate. b. Actual GDP will be lower than potential GDP. c. The employment/population ratio will increase substantially. d. Actual inflation will be higher than was anticipated.