Moving from one curve to another in an indifference map always increases utility
Indicate whether the statement is true or false
F
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An economist observed that as more computers are added to a factory, the costs of production initially decline, reach a minimum, and then rise
In a diagram that has costs on the vertical axis and the number of computers on the horizontal axis, the relationship always is A) negative and then linear after the minimum point. B) linear and then positive after the minimum point. C) negative and then positive after the minimum point. D) positive and then negative after the minimum point. E) negative both before and after the minimum point.
Suppose real GDP is $12.1 trillion and potential GDP is $12.6 trillion. To move the economy back to potential GDP, Congress should
A) lower government purchases by $500 billion. B) raise government purchases by $500 billion. C) raise government purchases by more than $500 billion. D) lower taxes by an amount less than $500 billion. E) lower taxes by $500 billion.
All of the following are examples of illegal per se activities except which one?
A) output restrictions B) bid rigging C) market division D) resale price maintenance
For most of World War II, the United States economy temporarily operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).