A firm encountering economies of scale over some range of output will have a:
A. Rising long-run average cost curve
B. Falling long-run average cost curve
C. Constant long-run average cost curve
D. Rising, then falling, then rising long-run average cost curve
B. Falling long-run average cost curve
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Using the Keynesian aggregate expenditures model, which of the following is true?
a. Macro equilibrium may occur at levels of real GDP other than full-employment real GDP. b. At any macro equilibrium, the actual rate of unemployment must equal the natural rate of unemployment. c. If an economy is operating below full employment capacity, the Keynesian model indicates that lower wage rates will automatically adjust the economy back to full employment. d. All of these are correct.
The volume of U.S. debt in absolute terms was the highest during the period:
a. 1995–2000. b. 1945–1950. c. 2010–2014. d. 1975–1980.