All of the following are considered trade secrets except which one?
A) the creation of a new product
B) plans for future expansion
C) customer lists
D) product recipes
A) the creation of a new product
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A White House proposal to increase infrastructure spending on roads, rail lines and runways is an example of
A) expansionary fiscal policy. B) insourcing policies. C) automatic stabilization. D) contractionary fiscal policy.
An economic model:
A. exactly explains what happens in the real economy. B. approximates all facets of what happens in the real economy. C. does not make clear assumptions about the economic activity. D. discards unnecessary details to clearly demonstrate the central principles of the economic activity.
Assume the short-run average total cost for a perfectly competitive industry decreases as the output of the industry expands. In the long run, the industry supply curve will:
A. have a positive slope. B. have a negative slope. C. be perfectly horizontal. D. be perfectly vertical.
If the marginal cost curve is below the average variable cost curve, then
A. marginal cost must be decreasing. B. average variable costs are decreasing. C. average variable costs are increasing. D. average variable costs could either be increasing or decreasing.