The intersection of the average variable cost curve and the marginal cost curve is called the zero-profit point
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose that the production function for the economy is Y = AK0.2L0.8. If the capital stock = 40,000, the quantity of labor = 10,000, and the efficiency index = 1, the marginal product of capital is
A) $0.066. B) $0.20. C) $1.05. D) $1.58.
Unemployment that is caused by business recessions is called
A) frictional unemployment. B) cyclical unemployment. C) seasonal unemployment. D) structural unemployment.
Nominal GDP increases
What will be an ideal response?
The aggregate supply curve shows the:
a. Direct relationship between the price level and real GDP purchased b. Direct relationship between the price level and real GDP produced c. Inverse relationship between the price level and real GDP purchased d. Inverse relationship between the price level and real GDP produced