The term productive efficiency refers to
a. any short-run equilibrium position of the competitive firm
b. the production of all goods and services that consumers need
c. the production of a good at the lowest long-run average cost
d. the equality between average total and average variable cost
e. satisfying the condition that MR = MC
C
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It is useful to study the Solow growth model because
A) it provides a useful account of the reasons for population growth. B) it is useful in understanding the sources of economic growth after 1800. C) it has a steady state. D) it can help us understand the reasons for population control.
When, in 1811, Congress did not renew the charter of the First Bank of the United States,
a. bank note depreciation and fraud became commonplace b. most banks accepted all specie payment c. state-chartered banks declined d. Alexander Hamilton rewrote the banking-related articles of the Constitution e. Civil War was declared
Penetration pricing is a way to:
A. raise a rival's marginal cost. B. gain a critical mass of customers. C. increase a rival's fixed costs. D. lower a rival's input costs.
Macroeconomics is concerned with the whole economy or its major sectors.
Answer the following statement true (T) or false (F)