In the long run, more costs become fixed
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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When actual output equals potential output there is ________ output gap and the rate of inflation will tend to ________.
A. an expansionary; increase B. no; remain the same C. an expansionary; decrease D. a recessionary; increase
Economics
Governments are most effective at providing pure private goods
Indicate whether the statement is true or false
Economics
Because low tariffs have a high ratio of benefits to costs, they are an especially efficient way for nations to achieve full employment and growth
Indicate whether the statement is true or false
Economics
A good that is nonrival but exclusive is called
a. a private good b. a public good c. a quasi-private good d. an external good e. a normal good
Economics