Refer to Figure 13.2. Oliver's political views initially placed him at the L4 position and George's political views initially placed him at the C4 position
If George comes out with a statement supporting an increase in taxes on the rich, which moves him to the C3 position, and Oliver responds by not only stating that taxes should not be raised, but in fact should be lowered, moving him to the L2 position, the winner of the election will be ________ with a winning vote total of ________. A) Oliver Cousins; 6 votes
B) George Glass; 5 votes
C) Oliver Cousins; 5 votes
D) George Glass; 6 votes
C
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(Long run) average cost curves are U-shaped when the production technology has increasing returns to scale and the firm faces recurring fixed costs.
Answer the following statement true (T) or false (F)
Refer to Figure 10.4. Suppose the economy's equilibrium starts out with an output gap of 1, and real GDP increases so the output gap increases to 2
If the Fed keeps the money supply constant, money demand will ________ and the nominal interest rate will ________. A) increase; increase B) increase; decrease C) increase; remain constant D) remain constant; remain constant
The Coase theorem is the idea that:
A. individuals can reach an efficient equilibrium through private trades, even in the presence of an externality. B. there are always mutually beneficial trades waiting to be exploited, and that creates a clear role for government taxation. C. the actions of private individuals and firms are insufficient to ensure efficient markets. D. None of these statements is true.
Average total cost tells us the
a. total cost of the first unit of output, if total cost is divided evenly over all the units produced. b. cost of a typical unit of output, if total cost is divided evenly over all the units produced. c. cost of the last unit of output, if total cost does not include a fixed cost component. d. variable cost of a firm that is producing at least one unit of output.