A major force leading the U.S. economy to full employment after the Great Depression was
a. higher interest rates.
b. higher reserve requirements.
c. government spending for World War II.
d. automobile production.
c. government spending for World War II.
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The time and invested funds involved in starting a lawn-cutting business address the economic concept of
A) the marginal principle. B) the principle of diminishing returns. C) opportunity cost. D) the real-nominal principle.
A production function may exhibit:
a. constant returns to scale and diminishing marginal productivities to all inputs. b. constant returns to scale and diminishing marginal productivities to all but one input, but at least one input must have a constant marginal productivity. c. constant returns to scale and diminishing marginal productivity to at most one input. d. constant returns to scale and diminishing marginal productivities for no inputs.
According to the equation of exchange, if the amount of money in an economy multiplied by the velocity of money equals 800 million dollars, then this economy's: a. real GDP equals $800 million
b. nominal GDP equals $800 million. c. real GDP equals $800 million times the price level. d. nominal GDP equals $800 million times the price level. e. price level equals $800.
What is the shape of average cost curve? Provide the reason for that particular shape