The supply curve of a firm in a competitive market is the average variable cost curve above the minimum of marginal cost
a. True
b. False
Indicate whether the statement is true or false
False
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According to data on GDP growth between 1980 and 2010,
a. poor nations stagnated, while the rich nations continued to grow. b. poor nations grew rapidly, while the rich nations stagnated. c. most of the world's rapidly growing countries were located in Africa. d. many poor nations grew more rapidly than wealthy nations, while others continued to stagnate.
During the period 1983-1989, the U.S. economy was
A. contracting. B. in a recession. C. in the trough of the business cycle. D. expanding. E. None of the choices are correct.
In the United States, the data on wealth concentrations is collected by the
A. University of Chicago for the Federal Reserve. B. University of Michigan for the Federal Reserve. C. Department of Economic Affairs. D. United States Treasury Department.
Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2012?
A) $57,500 B) $75,000 C) $45,000 D) $55,000