When a firm's long-run average total costs do not vary as output increases, the firm exhibits
a. economies of scale.
b. constant returns to scale.
c. diseconomies of scale.
d. an efficient use of resources.
b
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If the Federal Reserve uses open market operations to offset a recession, the Fed ________ government securities in order to ________ the federal funds rate
A) buys; not change B) sells; raise C) sells; lower D) buys; lower E) buys; raise
In 2015, full-time workers aged 25 and over with a college degree earned ________ school dropouts
A) 20 times as much as B) 2.5 times as much as high C) 5 times as much as D) roughly the same amount as
Governments and central banks can track virtual currencies and gain considerable control over their use if:
a. Virtual currency transactions are only among domestic residents (i.e., no foreign-related transactions). b. Virtual currency transactions are only between domestic and foreign residents. c. Virtual currency transactions are recorded (i.e., debited and credited) in clearing houses. d. Virtual currency transactions are peer-to-peer rather than through clearing houses.
As the economy starts to contract, labor productivity falls as firms hold excess labor.
Answer the following statement true (T) or false (F)