In the long run, all costs are fixed costs
a. True
b. False
Indicate whether the statement is true or false
False
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Many developing countries have a static comparative advantage in the production of one or two primary products. In what ways might specialization in these products contribute to growth and development? In what ways might this fail to contribute?
What will be an ideal response?
"Even if there is a liquidity trap or interest-insensitive investment, a falling price level will increase the real money supply and real wealth, and this impacts consumption"
This is a statement a __________ economist might make as an explanation of why the economy __________ pull itself out of a recession. A) Classical; will B) Classical; may not be able to C) Keynesian; will D) Keynesian; may not be able to
The measure of saving in the National Income and Product Accounts includes
A) capital gains on stocks, bonds, houses, and other assets. B) purchases of consumer durables. C) nominal interest payments which households receive from corporations. D) all of the above.
Requiring Medicare participants to pay a small fraction of the cost of their medical care
a. reduces the quantity of health care they demand to zero b. has no effect on the amount of health care they consume, but does generate revenue for the government c. reduces their utilization of health care without compromising their health d. actually increases the amount of consumer surplus they receive e. amounts to a significant burden for most of those participants