If long run average costs are constant with respect to output, you have
a. Increasing returns to scale
b. Decreasing returns to scale
c. Constant returns to scale
d. None of the above
c
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The unemployment rate reported by the Bureau of Labor Statistics clearly understates the true unemployment rate
a. True b. False Indicate whether the statement is true or false
Anticipated inflation is associated with cost increases which are fully expected.
Answer the following statement true (T) or false (F)
The factor of production called "labor" can be defined as the:
A. time spent by employees in the production of goods, but not services. B. fraction of total costs spent on people. C. number of worker-hours a business uses at a given time. D. number of people a business has access to at any given time.
In symbols, the equation of exchange says
A) MP = QV. B) MQ = PV. C) MV = PQ. D) MP = MQ.