Which of the following statements about the history of inflation in the U.S. is true?
a. Inflation averaged roughly 2% from 1950-19-65, but has fallen since then.
b. Inflation has averaged roughly 2% since 1950.
c. Inflation averaged roughly 2% from 1950-1965, rose until the early 1980s, and has fallen slowly since.
d. Inflation has gradually climbed since the 1950s.
C
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In the figure above, a movement from point A to point C can be the result of
A) an increase in the government budget deficit. B) a decrease in expected profit. C) a rise in the real interest rate. D) an increase in expected profit. E) a fall in the real interest rate.
The above figure shows the demand and cost curves for a monopolistically competitive firm in the long run. The firm has excess capacity of
A) 4 units. B) 8 units. C) 16 units. D) $10.
Refer to Figure 5-2. The size of marginal external costs can be determined by
A) S2 + S1 at each output level. B) the supply curve S1. C) the supply curve S2. D) S2 - S1 at each output level.
The higher the level of output, the farther ________ the isoquant will lie.
A. down and to the right B. up and to the left C. up and to the right D. down and to the left