If the MPC = 4/5, then the government purchases multiplier is
a. 5/4.
b. 4/5.
c. 5.
d. 20.
c
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Minimum efficient scale is defined as the level of output at which
A) the firm's long-run average total cost starts falling. B) all economies of scale are exhausted. C) the maximum output is produced. D) diminishing returns affect average total cost.
A demand schedule
A) holds all prices constant. B) is only for a given time period. C) holds quantity constant. D) is for a given variety of goods.
Investment, as defined by economists, would include the purchase of a
A) corporate bond. B) government bond. C) share of stock in ExxonMobil. D) computer by an accounting firm.
Samurai Sushi produces sushi using one variable input - labor. Samurai Sushi is a consumer in the ________ market and a producer in the ________ market.
A. labor; sushi B. capital; labor C. capital; sushi D. sushi; labor