The average cost curve shows the total cost divided by quantity produced for various levels of output.
Answer the following statement true (T) or false (F)
True
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Gordon is a person who sells narcotics "on the street." This type of illegal activity ________.
A. causes GDP to be overstated B. is estimated and included in GDP figures C. is excluded from GDP figures D. would be considered double counting in calculating GDP
During a recession, cyclical unemployment ________ and real GDP ________
A) increases; increases B) increases; decreases C) decreases; decreases D) decreases; increases E) does not change; decreases
A ________ demand curve for shampoo would be caused by a change in the price of shampoo
A) positively sloped B) leftward shift of the C) rightward shift of the D) movement along the
Which of the following does the Sherman Antitrust Act forbid?
a. Monopolization or attempts to monopolize b. All types of price discrimination c. Competition among firms d. Unfair methods of competition e. Privatization of government owned firms