A firm experiences ________ when its ________ downward as output increases
A) diseconomies of scale; average total cost curve slopes
B) economies of scale; long-run average cost curve slopes
C) diminishing marginal returns; long-run average cost curve slopes
D) diminishing marginal returns; average total cost curve shifts
B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The phenomenon of equipment or structure going through "wear and tear" and eventually becoming obsolete is referred to as:
A) depreciation. B) capital tear. C) intertemporal loss. D) creative destruction.
Social insurance revenues _____ come from _____
a. primarily; Social Security payroll taxes b. primarily, Medicare taxes c. primarily; Social Security payroll taxes and Medicare taxes d. do not; Social Security payroll taxes
Per capita GDP in the United States has declined since 1950
a. True b. False Indicate whether the statement is true or false