A company will shut down in the short run if it cannot cover its __________ and will exit the industry in the long run if it cannot cover its __________
Fill in the blank(s) with correct word
variable costs; total costs
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If the spending multiplier is equal to 5, then a $1 initial increase in investment spending will lead to a:
a. 5 percent decrease in real GDP. b. 5 percent increase in real GDP. c. $5 decrease in real GDP. d. $5 increase in real GDP. e. 0.05 percent increase in real GDP.
Laissez faire refers to a program of minimal interference in the market system
a. True b. False Indicate whether the statement is true or false
Within the U.S. population, teenagers (ages 16-19) have similar rates of labor-force participation than adults of prime working age (ages 25-54), regardless of race or gender
a. True b. False Indicate whether the statement is true or false
An economic system in which ritual, habit, and custom dictate most economic and social behavior
a. command economy b. traditional economy c. market economy d. free enterprise economy