Along with changes in the level of economic activity, measured by GDP, what other economic variable tends to rise and fall as a consequence?
a. precipitation
b. regulation
c. circulation
d. unemployment
d
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A normal profit for a self-employed entrepreneur is I. an opportunity cost. II. part of the implicit rental rate of the funds invested in the business
A) only I B) only II C) both I and II D) neither I nor II
The share of the personal income tax paid by the bottom half of earners
a. rose to an all-time high in 2010. b. was substantially higher in 2010 than during the 1960s and 1970s. c. was substantially lower in 2010 than during the 1960s and 1970s. d. has been relatively constant during the last four decades.
When production increases, the average variable cost and average total cost curves:
A. cross. B. move closer together. C. become horizontal. D. spread farther apart.
Give an example of an increasing-cost industry and explain why it fits this category. Avoid using examples provided in the text.
What will be an ideal response?