During the 1950s and 1960s, the national debt as a percent of GDP in the United States
a. soared to an all-time high.
b. declined.
c. increased.
d. was virtually unchanged.
B
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The statement “Resources employed in producing X are better suited to making Y” is another way of saying resources
A. are specialized. B. are scarce. C. are used inefficiently. D. are unproductive. E. have no opportunity cost.
For a natural monopoly, economies of scale
A) exist along the long-run average cost curve at least until it crosses the market demand curve. B) and diseconomies of scale exist along the long-run average cost curve at least until it crosses the market demand curve. C) lead to a legal barrier to entry. D) as well as constant returns to scale and diseconomies of scale exist along the long-run average cost curve at least until it crosses the market demand curve. E) are totally absent.
Higher deductibles for employer-provided health care will tend to shift the ________ curve for medical services to the ________
A) supply; left B) supply; right C) demand; left D) demand; right
The theory that if the velocity of money is stable, or at least predictable, changes in the money supply have predictable effects on nominal GDP is called ________
a. velocity of money theory b. quantity theory of money c. supply of money theory d. inflation theory of money