Whenever marginal cost is positive, average cost curves are upward sloping.
Answer the following statement true (T) or false (F)
False
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According to your authors, a recessionary "bust" is
A) an inherent part of any market economy. B) a correction of the mistakes generated during the prior expansionary "boom." C) an event that can be successfully recovered through fiscal "stimulus" policies. D) identified by a rise in real GDP.
The simple deposit multiplier can be expressed as the ratio of the
A) change in reserves in the banking system divided by the change in deposits. B) change in deposits divided by the change in reserves in the banking system. C) required reserve ratio divided by the change in reserves in the banking system. D) change in deposits divided by the required reserve ratio.
In the prisoner's dilemma setting for producing and stealing, a tax imposed on participants could end up changing the payoff matrix so that
A) one participant is better off, and one participant is worse off. B) both participants are worse off. C) both participants are better off. D) all of the above are possible
If investors begin to perceive that government bonds being sold to finance a deficit have become more risky, the interest rate the country must pay on its bonds will decrease.
Answer the following statement true (T) or false (F)