Whenever average cost exceeds marginal cost,
a. average cost is rising.
b. average cost is falling.
c. marginal cost is rising.
d. marginal cost is falling.
b
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Computers and software programs are
a. inferior goods b. complementary goods c. goods with a cross-price elasticity of demand of 0 d. substitute goods e. perfectly elastic goods
Federal Reserve regulations apply
a. to all banks in the United States b. only to member banks c. only to private commercial banks d. only to national banks e. only to state banks
One reason that companies use the foreign-exchange market is to diversify their expenses from other sources.
a. true b. false