Answer the following questions true (T) or false (F)
1. The minimum point on the average variable cost curve is called the loss-minimizing point.
2. If a firm's fixed cost exceeds its total revenue, the firm should stop production by shutting down temporarily.
3. In the short run, a profit-maximizing firm will shut down if its total revenue is greater than its variable costs.
1. FALSE
2. FALSE
3. FALSE
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Which of the following is NOT part of the expenditure approach to measuring GDP?
A) gross private domestic investment B) net exports of goods and services C) net interest D) personal consumption expenditures
A decrease in ________ decreases the demand for money
A) the discount rate B) real GDP C) the interest rate D) the quantity of money
National debt is likely to fall when
a. there is a succession of budget deficits. b. government's expenditure falls short of its receipts. c. government's expenditures exceed its receipts. d. government expenditure equals revenue.
A "decrease in the quantity supplied" suggests a:
a. Movement up along the supply curve b. Movement down along the supply curve c. Leftward shift of the supply curve d. Rightward shift of the supply curve