If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales. The industry will be ________

A risk-averse person's expected utility function is

A) decreasing. B) convex. C) concave. D) a straight line.

The government wishes to reduce he price level  by reducing real GDP by $400 billion. Assuming a tax multiplier of 4 and a government spending multiplier of 5, which of the following policy prescriptions would reduce the aggregate demand curve  by $400 billion?

A. Decreasing government spending by $400 billion and increasing taxes by $100 billion. B. Decreasing government spending by $160 billion and decreasing taxes by $100 billion. C. Decreasing government spending by $40 billion and decreasing taxes by $40 billion. D. Decreasing government spending by $100 billion and keeping taxes the same.