Average variable costs:
A. decrease, then increase as output increases.
B. increase, then decrease as output increases.
C. always trend upward as output increases.
D. always trend downward as output increases.
Answer: A
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Refer to Table 18.1. M2 in this simple economy equals
A) $1,050. B) $4,050. C) $4,550. D) $5,100.
A small economy increased its capital per hour worked (K/L) from $40,000 to $50,000. As a result, real GDP per worker (Y/L) grew from $20,000 to $25,000
If the economy increases its capital per hour worked by another $10,000 to $60,000, but there is no change in technology, by how much more and in what direction will output per worker change? A) Output per worker will increase by less than $5,000. B) Output per worker will increase by exactly $5,000. C) Output per worker will fall by more than $5,000. D) Output per worker will increase by more than $5,000.
The result that the growth rate of output per worker is equal to 1.43 × is ________
A) true of the Solow model only B) true of both the Solow model and the Romer model C) true of the Romer model only D) true under the common-law legal system only
Which of the following describes the behavior of politicians implementing fiscal policy?
A. They spend in bad times because they can, and they spend in good times because they have to. B. They spend in bad times because they have to, and they spend in good times because they can. C. They save in bad times because they have to, and they save in good times because they can. D. They save in bad times because they can, and they save in good times because they have to.