If average cost is falling, then marginal cost must be falling
a. True
b. False
Indicate whether the statement is true or false
False
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The closer we are to the production possibilities frontier and the farther away we are from the origin,
A. the more unemployment there is. B. the less unemployment there is. C. the only way to produce more guns will be to give up some butter production. D. the only way to produce more butter will be to give up some gun production.
Explain how changes in the price of goods and the consumer's budget affect the budget line
What will be an ideal response?
If prices of both horizontal and vertical goods increase by 50%,
A) budget constraint will be unchanged. B) slope of the budget constraint stay the same. C) slope of the budget constraint will decrease. D) budget constraint will shift outward in a parallel fashion.
Which of the following categories will be included under state and local government spending in the U.S.?
a. Science and technology b. Health care c. Police and fire protection d. International affairs