Constant returns to scale cause the long-run average cost curve to be:
A. horizontal.
B. vertical.
C. upward-sloping.
D. downward-sloping.
Answer: A
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The ________ describes the relationship between the amount of labor employed and real GDP
A) production function B) production possibilities frontier C) Lucas Wedge D) inflation rate E) Okun Gap
In the federal funds market diagram, an open market sale by the Fed
A) shifts the reserve supply curve to the right. B) shifts the reserve supply curve to the left. C) decreases the federal funds rate. D) increases the volume of federal funds traded.
A study found that privately-operated juvenile correction facilities in Florida had __________ costs but experienced __________ rates of recidivism than state-operated juvenile corrections facilities
a. lower, higher b. lower, lower c. higher, equivalent d. higher, lower e. lower, equivalent
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.