Total GDP is the best way to identify a less-developed country
a. True
b. False
Indicate whether the statement is true or false
False
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The effect of a tax multiplier on aggregate demand is larger than that of the government spending multiplier
a. True b. False Indicate whether the statement is true or false
According to Okun's law, when cyclical unemployment is negative, the output gap:
A. is positive. B. equals the rate of cyclical unemployment. C. equals zero. D. is negative.
If the price of a variable input increases, then
A. the fixed cost curve will shift up. B. the average total cost curve will shift down. C. the total cost curve will shift up. D. the marginal cost curve will shift down.
Joe's Garage operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue, ATC = $20, AVC = $15, and the price per unit is $10 . In this situation,
a. Joe's Garage will break even b. Joe's Garage will shut down immediately c. the market price will fall in the long run d. Joe's supply curve will shift to the left e. Joe's Garage will suffer a loss in the short run, but stay in business