Long-term economic growth requires a permanent:
a. decline in the average price level.
b. leftward shift of the vertical Phillips curve.
c. rise in the natural rate of unemployment.
d. leftward shift of the aggregate demand curve.
e. rightward shift of the vertical aggregate supply curve.
e
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
If you know that when a firm produces 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25, then the average total cost associated with this output level is
A. $880.00. B. $97.78. C. $750.00. D. $93.75.
How do the owners of a corporation relate to the business?
A) The assets of the owners are considered the same as the assets of the business. B) The owners and the business are not separate legal entities. C) The owners and the business are separate legal entities. D) None of these describe the legal relationship of the owners to the business.
_______% of the people on welfare lives below the poverty line.
Fill in the blank(s) with the appropriate word(s).