A relationship between two variables in which one variable increases at the same time as the other decreases is called
A) nonlinear.
B) constant.
C) inverse.
D) direct.
C
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The principle that pulls down the average cost (ATC), and then, as output continues to expand, pulls it up, is
a. lower prices and then higher prices. b. rising and then diminishing marginal returns. c. lower average fixed cost and then higher average fixed cost. d. lower resource prices and then higher resource prices.
Which of the following statements about a hypothesis is? correct?
A. A hypothesis is another name for a model. B. A hypothesis will always incorporate a value judgment. C. A hypothesis is a statement that could in principle turn out to be incorrect. D. To be called a? hypothesis, a statement must first be shown to be correct.
The key decision maker for U.S. monetary policy is:
A. Congress. B. The president. C. The president's cabinet. D. The Board of Governors.
If, in the long run, people adjust their price expectation so that all prices and incomes move proportionately to an increase in the price level, then the long-run Phillips curve is vertical.
Answer the following statement true (T) or false (F)