Refer to the following graph.
The marginal product and average product curves:
A. are A and B, respectively.
B. could be either A or B.
C. are B and A, respectively.
D. are not drawn properly.
Answer: A
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Indicate whether the statement is true or false
Why do economists view structural budget deficit as a good measure of the direction of the fiscal policy?
Which of the following is not true about the members of the Federal Reserve Board of Governors?
A. They are appointed to fourteen-year terms by the president of the United States. B. They are relatively immune to short-term political pressures. C. They may not be reappointed after serving a full term. D. They each serve as chairman of the Board of Governors on a rotating basis.
Which of the following statements is true of the economy in the long run?
1. real GDP eventually moves to potential because all wages and prices are assumed to be flexible. 2. the economy can achieve its natural level of employment and potential output at any price level. 3. there is no cyclical unemployment. A. I only B. I and II only C. I and III only D. I, II, and III