Total costs never decrease as output increases
Indicate whether the statement is true or false
T
You might also like to view...
An increase in Social Security payments to retired persons has what effect on equilibrium income?
a. GDP will fall. b. GDP will rise. c. GDP will remain the same. d. GDP will fall by less than the increase in payments.
The quantity of securities held by the Federal Reserve is controlled through:
A. the U.S. Treasury. B. the purchases made by the regional Reserve banks. C. the Fed's annual budget. D. open market operations.
Suppose a country's output is $440 billion and its population is 110 million. Now suppose that both its output and its population increase by 24 percent. As a result of these changes, its new level of per capita output will be:
A. $4,400. B. $440. C. $4,000. D. $400.
When a government imposes price controls, the result is that
A) the rationing function of prices is not allowed to function freely. B) the price system operates more efficiently. C) all trades are as mutually beneficial to each party as possible. D) scarcity usually disappears.